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BILB-Governance Update
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(the “Land Bank” or “Bank”)
Update in respect of Governance matters
Further to the updates regarding matters of Governance as shared with funders, investors and potential
investors during Land Bank’s recent FY2019 Results roadshow, the Bank would like to provide further
updates in this regard.
Non-Executive Directors (NEDS) of the Land Bank Board
During the February 2019 investor roadshow the Bank noted to funders, investors and potential
investors concerns of several allegations circulating on social and other media platforms involving the
conduct of Board members of the Public Investment Corporation (“PIC”), including that of Ms. Dudu
Hlatshwayo, who is Land Bank’s Deputy Chairperson of the Board and a member of the Credit and
Investment Committee (“CIC”) of the Bank. Ms. Hlatshwayo resigned from the PIC Board on
1 February 2019. Ms. Hlatshwayo continued her board membership at the Land Bank.
The Bank is pleased to announce that the Chief Evidence Leader: PIC Commission of Enquiry
confirmed that the life style audit performed by PWC and the forensics investigation by the PIC
Commission found no evidence implicating Ms. Hlatshwayo in any wrongdoing in general, and specific
to the Karan Beef transaction, as mentioned in the James Noko email.
Acting Chief Financial Officer
Land Bank wishes to advise that its Head of Internal Audit, Mr. Yatheen Ramrup, who assumed
responsibilities of the Acting Chief Financial Officer with effect 14 May 2019, has been requested to
take a precautionary leave of absence from the Bank. The decision follows allegations of possible
misconduct on the part of Mr. Ramrup.
Considering the nature and source of the allegations the Board deemed it prudent that Mr. Ramrup be
on precautionary leave while the investigation is underway.
Mr. Ryan Engle, General Manager: Finance has assumed the responsibilities of Acting Chief Financial
Officer with immediate effect.
Status update in respect of the appointment of a permanent Chief Financial Officer
The Bank is in the final stages of finalising the appointment of a permanent CFO and will make an
announcement in due course.
In closing, the Board would like to emphasise that it takes all allegations seriously and wishes to reiterate
its commitment to good Governance and Ethics at all times.
20 September 2019
Enquiries
Land and Agricultural Development Bank of South Africa
Konehali Gugushe, Acting Chief Executive Officer
Rebecca Phalatse – Tel: 012 686 0921
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 20/09/2019 03:47:00
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