South Africa- Standard Bank’s share price fell almost 4% on Thursday following a
statement from the company that it had been implicated in an
investigation initiated by Nigeria’s central bank regarding remittances
it made on behalf of MTN Nigeria.
The share was trading 3.26% lower at R183.11 at 11.10am on Thursday. MTN’s share price fell nearly 22% to R83.19 on Thursday.
The bank said in a SENS statement that its Nigerian subsidiary,
Stanbic IBTC Bank Plc, had received a letter from the Central Bank of
Nigeria in which it had been fined for issuing "irregular" certificates
of capital importation to MTN Nigeria between 2007 and 2015. The fine
for these alleged contraventions translates to approximately R75m.
In addition, the central bank wants $2.62bn refunded to it due to the
illegal repatriation of funds by MTN Nigeria to SA. The repatriation
was done using certificates of capital importation that were "illegally
issued" by Standard Bank.
The bank denies the allegations.
Standard Bank said in a statement that it would be talking to the
Nigerian central bank. "We assure our clients that this does not impact
on Stanbic IBTC’s ability to conduct various business and corporate
transactions."
- BDliveSA
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