The South African Reserve Bank (SARB), as part of its mandate in terms of the Banks Act, No. 94 of 1990 (the Banks Act), appointed Ernst & Young (EY) in September 2014 as temporary inspectors to conduct an investigation into the business activities of Carmol Distributors (Pty) Ltd and/or Mr Yunus Goolam Hoosen Moolla and/or Ms Fathima Carawan and/or any related person or entity (“Carmol”).
The investigation concluded that Carmol Distributors contravened the Banks Act, 1990 (Act No. 94 of 1990) (the Act) by conducting the business of a bank - accepting deposits from the public - without being registered as a bank.
In terms of sections 83 and 84 of the Act respectively, the SARB has directed Carmol Distributors to repay the money obtained and has appointed KPMG as the repayment administrators to facilitate the management and control of the repayment process.
Investor information collected by EY during the course of the investigation will be handed over to KMPG to manage the process further.
Carmol Distributors investors can contact KPMG for information relating to the repayment administration process through the following dedicated telephone number: 0800 555 836.
Enquiries:
Hlengani Mathebula
Head: Group Strategy and Communications
Tel: 012 313 4210
