Fraud Charges Against WesBank And CEO Dropped

The South African Police Service (SAPS) and the senior public prosecutor have dismissed fraud charges against WesBank and its CEO, Ghana Msibi. This development was confirmed in a statement by WesBank, the vehicle finance division of FirstRand, on Wednesday afternoon.

Allegations Against Wesbank

The charges were initially brought forward by Emerald van Zyl, a self-proclaimed financial investigating consultant. Van Zyl filed the fraud case at Bellville Police Station in Cape Town in July 2024, accusing WesBank and its CEO of overcharging clients on vehicle finance accounts due to incorrect interest calculations.

Lebogang Gaoaketse, head of marketing and communication at WesBank, commented on the dismissal: “Following the 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.”

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Despite the dismissal, Van Zyl remains committed to his cause. He said, “I am teaming up with an actuary soon, and together we’ll work out why and by how much WesBank overcharges on their interest rates.”

Van Zyl has a history of legal actions against banks, having previously stopped “more than 1,000 execution sales” of vehicles and houses during his 32-year career.

In 2013, Van Zyl was involved in a court case against First National Bank (FNB), making claims of racism, but the North Gauteng High Court ruled against him. In 2019, the Cape Equality Court dismissed a racial discrimination claim against FNB brought by Van Zyl on behalf of several black customers of the former Saambou Bank, alleging discriminatory interest rates.

Current Claims

Earlier this year, Van Zyl appeared on Newzroom Afrika with similar allegations, claiming black customers are charged more interest on their vehicle finance. WesBank’s Gaoaketse advised consumers to seek financial advice from credible sources and verify if financial experts are registered with the appropriate industry or regulatory bodies.

WesBank encourages clients to contact the National Financial Ombud Scheme with any concerns regarding their finance accounts, noting that the Scheme offers independent and fair advice at no cost to the complainant.

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