African Bank relaunches in South Africa

Will the ABSA investors who bankrolled its bailout get their money back now?
 
No...

And would any vaguely sane person touch this, also a big fat no.
 
What will happen to their shares?
 
Milano said:
Will we get issued shares in the relaunched bank?
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Wait and see, but for now. No

From here
"African Bank’s former parent, African Bank Investments Limited (Abil), remains under business rescue and its shareholders will have to wait for that process to come to an end before receiving clarity on the standing and value of their equity going forward."
 
Milano said:
I recall ABSA took funds from ABSA money market account holders to cover ABSA's African Bank losses.
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Right you are: http://www.fin24.com/Money/Money-Clinic/Investments/Absa-explains-African-Bank-deductions-20140818

Although that is really ABSA making their own clients pay to cover their own losses from a bad investment, the reserve bank paid for the actual bailout: http://www.bdlive.co.za/business/financial/2014/08/11/embattled-african-bank-gets-bailed-out

I'd imagine the only way ABSA clients might get money back again is if ABSA still has some legitimate claims to that bad investment and it somehow recovers, but I think when African Bank went into curatorship those claims got nullified.
 
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