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FIRSTRAND LIMITED - Press Release

Release Date: 17/03/2003 16:30
Code(s): FSR
Wrap Text

FIRSTRAND LIMITED - Press Release FIRSTRAND LIMITED (Registration number 1966/010753/06) Share code: FSR ISIN: ZAE000014973 ("FirstRand") Press Release Re: Mr Mac Maharaj FirstRand confirmed today that it has appointed a leading firm of attorneys, Hofmeyr, Herbstein & Gihwala Inc, to conduct an independent enquiry into recent allegations made against Mr Mac Maharaj by the Sunday Times, dated 16 February 2003. Following the report, Mr Maharaj, who serves on three FirstRand company boards, offered to resign or take leave of absence. FirstRand granted him a three- month leave of absence. Mr Laurie Dippenaar, CEO of FirstRand Ltd, said that the terms of reference of the enquiry will determine whether the allegations contained in the Sunday Times report have substance, more specifically about the: Allegations regarding corrupt practices by Mr Maharaj during his tenure as Minister of Transport, and Allegations regarding a breach of parliamentary disclosure policy pertaining to the receipt of gifts and benefits. Commenting further, Mr Dippenaar said that the findings of the enquiry would be presented at a FirstRand board meeting scheduled for 16 May 2003. The findings would also be made available to the Bank Supervision Department of the South African Reserve Bank and the Financial Services Board, both of which have been fully appraised of the procedure and have endorsed the approach. "As stated at the outset, we are seeking to eliminate uncertainty regarding the matter in an objective and transparent manner, while abiding by the principles of due process and sound corporate governance," concluded Mr Dippenaar. By order of the Board L L Dippenaar P K Harris Sponsor Rand Merchant Bank A division of FirstRand Bank Limited Corporate Finance

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