1 reviews | Active since Nov 2014
Stanlib hide loss made on African Bank from client
I did a repurchase of a investment which I was closing. The payment war over R20,000 short. After intensive enquiriy I am told that portion of my invetment cannot be paid to me as it is \frozen"and is the portion Stanlib invested in African bank. The there was another deduction which I was told was a \""loss\"" mad by the fund on October last year. However all statement I have received have shown my full investment value. So it appears all Stanlib investors have \""lost\"" money without being informed.<br> Secondly I was promised by Stanlib that a consultant would phone me 5 days after a previous enquiry. I said fine then we can discuss where I can invest my money. Two weeks later I am still waiting for a call.<br> Thats why I have closed my investment as well as my Standard Bank account"""
We regret losing you as an investor and must apologise if you have not received the feedback you requested
It is a little disturbing to hear that you were unaware of the effect of the ABIL (African Bank) issue on your investment. We have been communicating to all affected investors over the past 8 months by SMS, e-mail and our dedicated African Bank web page (http://www.stanlib.com/newsatstanlib/Pages/AfricanBankImpact.aspx) to ensure that our investors were kept informed of the situation and any subsequent updates. We have also placed a link to the official African Bank news page on SENS (Stock Exchange News Service).
At all times STANLIB has bound all its actions to the regulations and legislation. The FSB has monitored the money market funds across the investment industry to ensure consistency in the treatment of the ABIL instruments. The STANLIB UT Trustees of have also monitored the position of the past 8 months to ensure continued fair treatment to all investors. Our statements have reflected your financial position in a transparent manner at all times.
The retention fund remains part of your full investment value.
Kind regards
Barbara Egan
o.b.o. STANLIB
We regret losing you as an investor and must apologise if you have not received the feedback you requested
It is a little disturbing to hear that you were unaware of the effect of the ABIL (African Bank) issue on your investment. We have been communicating to all affected investors over the past 8 months by SMS, e-mail and our dedicated African Bank web page (http://www.stanlib.com/newsatstanlib/Pages/AfricanBankImpact.aspx) to ensure that our investors were kept informed of the situation and any subsequent updates. We have also placed a link to the official African Bank news page on SENS (Stock Exchange News Service).
At all times STANLIB has bound all its actions to the regulations and legislation. The FSB has monitored the money market funds across the investment industry to ensure consistency in the treatment of the ABIL instruments. The STANLIB UT Trustees of have also monitored the position of the past 8 months to ensure continued fair treatment to all investors. Our statements have reflected your financial position in a transparent manner at all times.
The retention fund remains part of your full investment value.
Kind regards
Barbara Egan
o.b.o. STANLIB