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Capitec’s Inadequate Response to Viceroy

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A perfect example of why Viceroy don’t “engage with management” – they don’t answer our questions.

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Viceroy issued an open letter to Capitec’s board of directors on 20 February 2018, responding to their invitation to engage with management and field our questions.

A full copy of our letter can be found here:

www.viceroyresearch.files.wordpress.com/2018/02/letter-to-capitec-20-02-18.pdf

Capitec replied to our letter on 22 February, 2018 via email, however provided no straightforward responses to any of our questions. At best, Viceroy received numerous largely insignificant statistics and tangential statements.

Capitec’s full response to our letter is attached to this report as Annexure 1.

Viceroy has been criticized for not engaging with management prior to publication of our reports. Capitec’s response is a prime example of why we choose not to. We maintain our recommendation that Capitec should be subject to an external, independent regulatory investigation, which we believe will result in Capitec being placed in curatorship in order to protect its consumers.

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