THE SAPS and the senior public prosecutor dismissed fraud charges against WesBank and its chief executive officer (CEO), Ghana Msibi.
The charges were brought by the financial investigator, Emerald van Zyl, in July.
This was after the bank allegedly failed to refund two overcharged clients on their vehicle interest rates.
The case was opened at Bellville Police Station in Cape Town.
However, in a statement released earlier this week, WesBank announced that it had been exonerated from any wrongdoing.
The bank said the accusation was based on incorrect calculations.
WesBank head of marketing and communication, Lebogang Gaoaketse, said: “Following their investigation into the fraud charges filed by Mr Van Zyl, the SAPS and the prosecutor in the case have elected not to pursue any fraud charges against WesBank or Mr Msibi due to the absence of any reasonable evidence of any crime committed.”
Van Zyl told the Sunday Independent that he was not sure what the SAPS and public prosecutor based their decision on.
He said he made an appointment to see an actuary.
Van Zyl added that he does not understand why Wesbank said his calculations were wrong while he appointed the actuaries, which confirmed the calculations.
Meanwhile, Gaoaketse emphasised the importance of seeking financial advice from credible sources.
“In finance and finance-related matters, it is vital to base your decisions on accurate and reliable information. Always seek advice from credible sources with the relevant qualifications and a proven history of assisting consumers. It is also important to check if they are registered with the appropriate industry or regulatory bodies.
“Beware of so-called ‘financial experts’ motivated by their own personal agendas,” he said.