Published: 07 February 2014

A South African company, Mining, Oil and Gas Services had plans to transform Trust Bank into an energy bank through an investment of $800 million, it has emerged.

This is disclosed by Trust Bank director and shareholder William Nyemba in response to the Reserve Bank's application seeking an order for the liquidation of the bank.

Nyemba argues his institution was on the verge of concluding an investment deal with MOGS, which would have resulted in the initial injection of $25 million to capitalise the bank.

Thereafter, the investor would then transform the bank through injection of $800 million.

The liquidation of Trust followed cancellation of its licence by the central bank over allegations of abuse of depositors' funds and violation of the provisions of the Banking Act.
- herald

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