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African Bank’s Kirkinis Unrepentant About Lender’s Demise

  • Former CEO Leon Kirkinis allowed to ‘dominate’ bank’s board
  • Goldman Sachs paid 192 million rand to underwrite rights issue
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Leon Kirkinis, the former chief executive officer of African Bank Investments Ltd., was unrepentant after the lender he created failed in August 2014, wiping out billions of rand for investors, according to the findings of an investigation into the bank’s collapse.

Kirkinis, 56, felt the company, known as Abil, had a “rosy future” and that it was wrongly placed under administration by South Africa’s central bank, having survived other crises in the past, John Myburgh, who led the probe, said in a report published on the South African Reserve Bank’s website on Thursday.