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SARB: Statement by Hlengani Mathebula, South African Reserve Bank head of communications, on the South African Bank Note Company (14/11/2010)

14th November 2010

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/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

The Board of the banknote printing subsidiary of the South African Reserve Bank has become aware of certain issues within the technical operations of the South African Bank Note Company (SABN) and has addressed these matters comprehensively.
The Bank confirms that disciplinary action against the Managing Director (MD) of the SABN is underway after an operational problem was identified. Immediately the board of the SABN became aware of the issue, the MD was suspended in accordance with the Bank's policy of holding its officials accountable.
The SABN Board has also ensured that the necessary corrective action has been taken to address the problem. An acting MD has been appointed and the SABN's operations continue to run smoothly.
In keeping with the Bank's sound labour practices, a disciplinary inquiry is providing the suspended MD of the SABN with an opportunity to present his position fully.
South Africa's bank notes are produced to the highest international security standards. The South African Reserve Bank has complete confidence in their integrity.

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