NATIONAL NEWS - The Viceroy research group has called on the Finance Minister and the South African Reserve Bank to immediately place Capitec under curatorship after branding the bank as a 'loan shark with massively understated defaults - masquerading as a community finance provider".
The US based research organistion also produced the report that blew the lid on the accounting fraud at Steinhoff last year.
In its latest report released on Tuesday morning, Viceroy says it has found that Capitec has been advising and approving loans to delinquent customers in order to repay existing loans.
Shares in Capitec Holdings fell more than 10% in mid-morning trade after the group said the South African lender overstates its financial assets and income.
