The bank gave no reason for why it opted to close the fund down but hinted that some of its investors might have been using it as a bank account.
Absa said the unit trust fund, which has been operating since 1997, would be wound up in terms of Section 102 of the Collective Investment Schemes Control Act and be closed on 6 July. The closure is a winding-up process, which in terms of Section 102 of the Collective Investment Schemes Control Act, requires the selling of your share of the fund and paying the proceeds to you. We will therefore, as part of this process, pay out your funds in the AMMF to you, on or before the closure date.
– after 90 days, conveniently and safely be transferred to an Absa investment bank account in your name, the details of which are outlined below:• We will seamlessly transfer your AMMF investment to ensure uninterrupted returns.
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