Sasfin sorry for 'crime'

FRAUD: EMPLOYEES ALLEGEDLY HELPED GOLD LEAF TOBACCO LAUNDER MONEY

- Liesl Peyper

The board and management of boutique wealth management firm Sasfin "deeply regret" the fraudulent activity that took place in the organisation, it noted in its full-year results announcements for this year.

"We are acutely aware of the devastating impact of financial crime in South Africa, of which Sasfin has also been a direct victim."

Sasfin employees allegedly helped Gold Leaf Tobacco launder money in an intricate web, which the group describes as the "activities of a criminal syndicate of former clients and staff, working outside of their scope of employment of the now closed-down forex business of Sasfin Bank".

"Since discovering this syndicate, Sasfin took significant steps, which included laying criminal charges against the implicated employees, responsibly exiting the forex business at a considerable cost, and taking steps to further strengthen its compliance and control environments," it says.

Fine