JSE-listed Sasfin announced today that Gloria Serobe will be appointed as chair of the Board of Sasfin Wealth, a wholly owned subsidiary of Sasfin, with immediate effect.
Gloria is a founding member and CEO of Women Investment Portfolio Holdings Pty Ltd.
She obtained a BCom degree from the former University of Transkei and holds an MBA degree from
Rutgers University, New Jersey USA and has been conferred the degree of Doctor of Philosophy
(honoris causa) by the Nelson Mandela University.
She is one of the co-founders of Women Investment Portfolio Holdings (Wiphold) – the first women’s group established post-1994 to list on the JSE, and which holds a significant stake in the Group.
Gloria serves on several boards of directors including Chairperson of Adcorp Holdings Limited and is the former Chairperson of the Board of the Independent Ports Regulator, as well as having served on the boards of Old Mutual, Nedbank, and Sasfin among others. G
loria also served as Chair of the Solidarity Response Fund established by President Ramaphosa to mitigate the economic hardships caused by the Covid-19 pandemic.
“Sasfin looks forward to Gloria providing the necessary direction and leadership, as the Company intensifies its focus on progressing the implementation of the group’s revised strategy,” said Sasfin.
“The Board extends its thanks to Tienie van der Mescht who previously chaired Sasfin Wealth. Tienie will continue to serve as a director of both Sasfin and Sasfin Wealth and will be appointed as chairman of the Sasfin Wealth Investment Oversight Committee.”
SARS Hits Sasfin With Massive R4.9 Billion Damages Claim Over Dodgy Clients
Sasfin Holdings, a financial services firm, announced on Tuesday that its banking division had been served with a civil summons from the South African Revenue Service (SARS), demanding a total of R4.87 billion plus interest and costs.
The summons, presented as a damages claim, alleges Sasfin’s failure to recover income tax, VAT, and penalties from former clients of its banking arm, a claim vehemently refuted by the company.
“This summons relates to Sars’ purported inability to collect income tax, value-added tax and penalties allegedly owed by former foreign exchange clients of the bank,” Sasfin said in an announcement on the JSE news service SENS.
Sasfin stated that it had received legal counsel confirming its belief that the claim falls “outside the recognized parameters of applicable law and has a very remote likelihood of success.”
The claim stems from transactions dating back to 2014, during which former Sasfin Bank employees colluded with clients at that time, as per the company’s statement. Criminal cases were initiated against the involved parties.
