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E/L MMP Grobler - Stanlib investments (Entity no ***) - Interest withheld by Stanlib
<p>Stanlib Investment: MMP Grobler (Entity no ********** ), account no ********** 60</p> <p>Mrs MMP Grobler invested all her monies with Stanlib. The value of the investment accumulated to R1 563 250.09 on 18 October 2013. The balance in her savings account on 8 August 2013 was R14 741.01.</p> <p>Mrs Grobler passed away on 22 September 2013, and I (Mr SI Grobler, her son) was appointed by the Master of the Supreme Court as the executor of her estate, with the assistance of Karen van Niekerk attorneys on 13 November 2014, as per letter 1545/2014.</p> <p>Stanlib transferred an amount of R1 575 453.38 (entity ********** ) and Standard Bank R16 935.63 (account ********** 70) to Investec Bank (account held by Karen van Niekerk attorneys) to be distributed to the beneficiaries of the estate of the late Mrs MMP Grobler.</p> <p>Standard Bank Financial Consultancy notified on the 22 September 2015 that an amount of R94 110.88 is still due to the estate of late MMP Grobler.</p> <p>I was also appointed by the late Mrs MMP Grobler to manage her finances since 2012. I was never consulted or informed by Stanlib to reinvest any investment with any institution other than Stanlib.</p> <p>Several attempts were made to Stanlip to release these monies to the Investec account for distribution to the beneficiaries of the estate. I was informed by Stanlib that these monies were reinvested at African Bank, which is under curatorship and will be made available once funds come available.</p> <p>Client complaints were raised with the Office of the Ombud for Financial Services Providers (FAIS-Ombud) to intervene to let all outstanding monies made available for distribution to the beneficiaries.</p> <p>FAIS Ombud notified on 16 November 2016 that a resolution by the Reserve Bank that some investments/annuities had to be reinvested with African Bank. African Bank was placed under curatorship and the monies invested could not be paid. African Bank received assistance from the Reserve Bank and is doing business as previous.</p> <p>My opinion is that Stanlib is passing their problem with African Bank to their investors and is not capable of solving the issue themselves.</p> <p>Finalising of the estate can only be done when all outstanding funds are consolidated.</p> <p> </p>