Capitec Bank must OK BEE share sale. '47 000 Transnet pensioners are suffering'

On Tuesday, the Johannesburg High Court ordered Capitec Bank to allow a Gupta-linked BEE shareholder Coral Lagoon Investments to sell its shares to settle a R500 million claim by a Transnet pension fund for losses it suffered.

Capitec Banks wants to prevent the share sale to protect its B-BBEE status.

The fallout from the Gupta involvement in this economy just won’t stop…

Ciaran Ryan, freelance journalist

If the Guptas were ever to step into this country again they’d be rounded up and locked up without any wasting of time. We’re only now beginning to see the ramifications of their plunder in this country. Who is suffering here? You have 47 000 pensioners… how are these pensioners surviving?

Ciaran Ryan, freelance journalist

Clement Manyathela (in for Bruce Whitfield on The Money Show) interviewed freelance journalist Ciaran Ryan.

Listen to the interview in the audio below (and scroll down for more quotes from it).

They [Coral Lagoon] forced the Transnet pension fund to buy government bonds from itself, and then to sell it back at a lower price… they made R325 million… over four days…

Ciaran Ryan, freelance journalist

Capitec is going to have to replace the black empowerment shareholder… the judgment is damning against Capitec… using words such as “lack of good faith” …

Ciaran Ryan, freelance journalist

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