Nalliah was moved in in as acting CEO after Leon Kirkinis resigned just before the company was placed under curatorship in August after announcing a full-year loss of at least R6.4bn and needed R8.5bn to keep going. This led to a collapse of the share price‚ with more than 95% of its value being lost in three days.
The board said on this week it had been advised in last year that Nalliah intended to take early retirement.
However‚ Nalliah‚ who recently turned 55‚ was asked to remain with the company to assist with the completion of the 2013 rights issue and thereafter to assist with the implementation of the revised group strategy. In December last year African Bank was forced to raise R5.5bn in a rights issue to support its balance sheet.
The bank is planning to completely restructure its operations by 2015.
Nalliah will remain with the company and assist in the restructuring process of the group as well as the operations of African Bank. He will continue to hold his executive positions until 2015 or when the new appointments have been made‚ whichever comes first.
A commission of inquiry into the multi-billion-rand collapse of African Bank could open the way for criminal charges or sanctions against some of the bank's management and directors.
Source: BDPro via I-Net Bridge
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