Habib Bank Fine
S African Reserve Bank applies to court to liquidate Habib Overseas Bank
The South African Reserve Bank (SARB) on Friday launched proceedings in the High Court for an order for the final winding up of the local subsidiary of Pakistan-based Habib Overseas Bank Limited (HOB). The application, brought by SARB together with the Prudential Authority (PA), is to be heard on August 8, 2023, or as soon thereafter as determined by the Court, SARB confirmed in a statement. This follows the decision by the Minister of Finance, on the recommendation by the PA, to place HOB under curatorship in March 2023. HOB was placed under curatorship to deal with its governance, compliance and operational failures. Since the curatorship, in-depth assessments undertaken by the curator found that HOB's financial position was significantly worse than that reported by the bank's management. The findings by the curator concluded that HOB is insolvent. In accordance with the requirements of the Banks Act 94 of 1990 (Banks Act), Craig du Plessis, who is the appointed representative
 "S African Reserve Bank applies to court to liquidate Habib Overseas Bank")
Pakistan's Habib Bank told to shut shop in US
Habib Bank repeatedly violated the terms of a 2006 agreement
 "Pakistan's Habib Bank told to shut shop in US")
Pakistan's biggest lender Habib Bank may face $630-mn US watchdog fine
According to the watchdog, HBL's compliance with anti-money laundering laws is dangerously weak
 "Pakistan's biggest lender Habib Bank may face $630-mn US watchdog fine")
