After 36 years, Sasfin exits JSE
Facing hundreds of millions of rand in regulatory sanctions, Sasfin's financial strain has culminated in the company's decision to delist from the JSE, ending a legacy of over three decades on the bourse.
Source: Sasfin.
Michael Sassoon, chief executive officer of Sasfin, said the delisting would allow for Sasfin's strategic group-wide restructuring, which will see the firm exit banking by 2026.
The move marks a turning point for the family-owned and run business, which joined the JSE in 1987.
The company has been navigating challenging times, having been slapped with a fine of just under R210m in August by the Prudential Authority. R49m of that was suspended.
This stemmed from "historic noncompliance" within Sasfin's discontinued foreign-exchange business, which became entangled in an international money-laundering and gold-smuggling ring due to the actions of staff members who have since been dismissed.
The Sars claim was unprecedented, as it did not relate to Sasfin's own tax practices but rather to clients who had violated regulations.
The firm's reset will run alongside a transaction designed to facilitate the exit of minority shareholders from the group. This will see Sasfin focus on its core Wealth and Rental Finance businesses.
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