'
Sasfin Holdings Limited'' is a South African based bank-controlling company that listed on the
Johannesburg Stock Exchange (JSE) in 1987. Sasfin and its subsidiaries, notably Sasfin Bank Limited, provide financial products and services for business and wealth clients.
Sasfin is currently led by CEO Michael Sassoon, and is headquartered in
Johannesburg
Johannesburg ( , , ; Zulu language, Zulu and Xhosa language, Xhosa: eGoli ) (colloquially known as Jozi, Joburg, Jo'burg or "The City of Gold") is the most populous city in South Africa. With 5,538,596 people in the City of Johannesburg alon ...
,
South Africa
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...
. It has several regional offices, as well as an office in
Hong Kong
Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
.
Sasfin was founded in 1951, and for several decades, its target market was the entrepreneur and small and medium enterprises. Following the granting of Sasfin's banking licence in 1999 and the acquisition of stockbroking firm Frankel Pollak (with a legacy dating back to 1890) in 2000, Sasfin's target was expanded to include high-net-worth individuals and corporates.
Controversy
The
Daily Maverick
''Daily Maverick'' is an independent, South African, English language, online news publication and weekly print newspaper, with offices in the country's two most populous cities: Cape Town (the site of its headquarters) and Johannesburg.
...
reported that the
South African Revenue Service (SARS) had found evidence that Sasfin employees had helped facilitate the laundering and illegal transfer of R3 billion (US$172 million) out of South Africa on behalf of
Gold Leaf Tobacco Corporation (GLTC) in 2017.
GLTC had allegedly made the money from the
illicit sale of tobacco products in South Africa.
Sasfin CEO Michael Sassoon stated that "Sasfin commits fully to cooperating with the authorities to ensure that justice prevails and will take rigorous action against any employees who may be identified as having participated in misconduct,"
closed its account with GLTC and suspended two employees.
References
Banks of South Africa
Financial services companies of South Africa
Companies based in Johannesburg
Companies listed on the Johannesburg Stock Exchange
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