SARB Recoups 3.3 Billion Rand Loan Made to Failed Abil Unit
- Residual Debt Services repaid money after collecting on loans
- Any money collected will now go into an indemnity fund
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Residual Debt Services Ltd., which took on the non-performing loans of African Bank Investments Ltd.’s lending unit after it failed, said it paid 3.3 billion rand ($231 million) to the South African Reserve Bank to settle credit that was first extended in 2014.
Between April and September of this year Residual Debt Services collected as much as 400 million rand each month and, together with retained cash, was able to repay the central bank, the Johannesburg-based company said in a statement on Thursday. With all of the money owing to the central bank now repaid, “it’s an important milestone for us and we achieved it earlier than we’d hoped,” Tom Winterboer, curator of Residual Debt Services said by phone.