group
30 September 2007
The executive of the First Rand group requested a meeting with the South
African Revenue Service (SARS) to clarify the role and functioning of the then
private banking subsidiary, Henry Ansbacher Trust Services (HATS), regarding
offshore investments conducted in the past.
The meeting took place on Friday, 28 September 2007.
The meeting was productive and SARS and the Bank established agreement on a
process going forward.
The parties have committed to full disclosure of all information including
and relating to the Ansbacher Trust and so called Duisberg structure.
First Rand also gave the undertaking to co-operate fully with SARS to review
the Ansbacher Trust and the Duisberg offshore structure towards establishing
whether there are any outstanding tax consequences.
This undertaking includes full disclosure of financial statements and other
documents that may be deemed to be relevant to the review.
The agreement from First Rand, for the purpose of this statement, to waive
its right to confidentiality that is contained in the Income Tax Act, now
enables SARS to state the information of this statement on the record.
Issued by: South African Revenue Services
30 September 2007
Source: South African Revenue Services (http://www.sars.gov.za)