The minister of finance has placed Habib Overseas Bank under curatorship.The SA Reserve Bank found that the bank For more financial news, go to the Minister of Finance Enoch Godongwana has placed Habib Overseas Bank under curatorship with immediate effect to deal with"governance, compliance and operational failures" and protect the bank's depositors.
It added that"various investigations and reviews" found that Habib Overseas Bank was flouting financial sector regulations, including SA's strict exchange control rules. While the Competition Commission had given the merger between Vardospan and Habib the green light, the deal effectively stalled after the court threw out Vardospan's urgent bid.
_Business Is this the domain of the finance minister or the role of the reserve bank? Can someone with knowledge of these matters enlighten us all?
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