Sasfin Rejects $250 Million Claim from South Africa's Tax Agency [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
NASDAQ:AMEX Investor Relations:
reporting.standardbank.com
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Source: BNN Bloomberg
allegations of money laundering and bribery by former employees and clients of its banking business. “The claim, which we emphatically reject, will involve a protracted trial action, and the matter is only likely to conclude in several years' time,” Sasfin Chief Executive Officer Michael Sassoon said in an e-mailed statement. The South African Revenue Service's civil claim comes after the news organization Al Jazeera reported in an expose last year that Sasfin Bank staff as well as others from South Africa's Standard Bank Group Ltd. and Absa Bank Ltd., were involved in laundering money in exchange for bribes from an international gold smuggling syndicate with strong ties to Zimbabwe. The case goes back to 2014 when a criminal syndicate colluded with former employees of Sasfin Bank who were operating outside of their scope and authority of employment, according to Sassoon. SARS has subsequently been unable to collect income tax, value-added tax and penalties allegedly owed by for
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