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  • To Link-Investec PLC Response To AmaBhungane 18 October 2021

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    Investec received a letter from Mr. van Rensburg on October 11th containing inaccuracies and misunderstandings about relevant facts and German law regarding an ongoing investigation. Investec first learned of the investigation from German prosecutors in August 2018 regarding former employees' involvement with client services. While Investec received some details in February 2019, they have been cooperating with prosecutors. No current or former employees or the bank itself have been criminally charged. Due to confidentiality, Investec cannot comment on specific client business but have taken appropriate action and made required disclosures in financial statements. Investec takes its regulatory responsibilities seriously and believes its public disclosures so far on this matter have been timely and correct.

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    DOC to Link-Investec Plc Response to AmaBhungane 18 October 2021

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    DOC to Link-Investec Plc Response to AmaBhungane 18 October 2021

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    Investec received a letter from Mr. van Rensburg on October 11th containing inaccuracies and misunderstandings about relevant facts and German law regarding an ongoing investigation. Investec first learned of the investigation from German prosecutors in August 2018 regarding former employees' involvement with client services. While Investec received some details in February 2019, they have been cooperating with prosecutors. No current or former employees or the bank itself have been criminally charged. Due to confidentiality, Investec cannot comment on specific client business but have taken appropriate action and made required disclosures in financial statements. Investec takes its regulatory responsibilities seriously and believes its public disclosures so far on this matter have been timely and correct.

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    48K views1 page

    To Link-Investec PLC Response To AmaBhungane 18 October 2021

    Uploaded by

    DocumentsZA
    Investec received a letter from Mr. van Rensburg on October 11th containing inaccuracies and misunderstandings about relevant facts and German law regarding an ongoing investigation. Investec first learned of the investigation from German prosecutors in August 2018 regarding former employees' involvement with client services. While Investec received some details in February 2019, they have been cooperating with prosecutors. No current or former employees or the bank itself have been criminally charged. Due to confidentiality, Investec cannot comment on specific client business but have taken appropriate action and made required disclosures in financial statements. Investec takes its regulatory responsibilities seriously and believes its public disclosures so far on this matter have been timely and correct.

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    of 1

    18 October 2021

    Dear Mr van Rensburg

    We refer to your letter received on 11 October 2021. As a long-standing matter of policy, Investec Bank
    plc (“Investec” or the “Bank”) does not comment on such matters. We will not, therefore be providing
    a detailed response to your letter. You should note that this does not mean that we accept or agree with
    the contents of your letter.

    Your letter contains inaccuracies, and proceeds on the basis of a misunderstanding of both relevant
    facts and the law and procedure in Germany. We suspect this may be because you are relying on an
    outdated German criminal file and/or because of translation errors.

    Investec reserves its rights in respect of any publication made by you on the basis of inaccuracies.

    Investec was first informed by the Cologne Public Prosecution Office (“CPO”) about the initiation of an
    investigation into current and former employees of the former Investec Bank plc – Irish Branch in August
    2018 in relation to their involvement in the provision of services to clients. Since then, Investec has
    been cooperating with the CPO in its investigation.

    Although the Bank first received correspondence from the CPO in August 2018, the Bank only received
    access to some more detailed information about the CPO investigation in February 2019. The group
    made its first public disclosure statement to the market in the March 2019 financial statements and in
    each publication since then. The disclosure is also included in any other public documents where
    required, such as debt raising prospectuses.

    No current or former employees, nor the Bank itself, have been criminally charged, indicted or
    subpoenaed. All relevant regulatory authorities have been kept up to date.

    Credit, capital, market and liquidity risk limits were approved in terms of Investec Bank plc’s normal
    processes. Investec Bank Limited was not involved in any aspect of this business. Investec did not
    provide tax advice nor tax reclaim services to clients.

    Due to client confidentiality issues we cannot comment on specific client business in detail. In line with
    our regulatory and legal obligations, appropriate action has been taken to date. As stated earlier,
    disclosure has been made in our audited financial statements. We refer you to note 54 of the most
    recent published financial statements for the year end March 2021.

    Investec takes its regulatory responsibilities extremely seriously, continues to hold itself to high ethical
    standards, and is satisfied that its public disclosures to the market to date concerning this matter are
    timeous and correct.

    Kind regards,

    Investec

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