Sasfin Holdings, which has banking and asset management operations, has delivered a woeful set of results marred by the impact of alleged criminality by former staff members, restated numbers, and the threat of possible noncompliance sanctions by the Reserve Bank.
The group, which has been trading under threat of suspension from the JSE due to delays in publishing its 2023 audited financial results, withheld its final dividend after it announced on Tuesday that annual earnings fell by almost a fifth. This followed a rise in impairments and material once-off costs stemming from an investigation into financial misconduct by former employees. Sasfin also restated its 2022 earnings and made adjustments to its 2021 and 2022 numbers after uncovering errors.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.