Collett SAB&T Report February 2004

Collett was mandated by WWB to conduct further forensic investigations. This report was furnished to Myburgh, but was not commented on in the final Myburgh report.

Collet report February 2004

Purpose and Scope of Investigation
Review of the 2003 Annual Report and Financial Statements of Corpcapital Ltd
Conclusions – 2003 Annual Financial Statement Review
Termination of banking activities and relinquishing of banking licence
Analysis of the net asset values of the various related entities as at 31/08/2001 and swap ratios
The gain for Corpgro and Corpcapital shareholders
Analysis of directors’ remuneration
Corpbuild sale to Iliad
Other important observations
Impact of the above on Cytech valuations and Corporate Governance
The impact on the investing public of South Africa
Conclusions and recommendations


BA1 – Corpcapital Bank: Estimated net asset value per share as at 31 Aug 2001
BA2 – New Corpcapital: Estimated “real” net asset value of shares at 31 Aug 2001
BA3 – Financial Statement Analysis: Movement in Equities
BA4 – Adjusted/Estimated Equity of Corpcapital Bank as at 31 Aug 2001
BA5 – 1. Consolidated Balance Sheet of Corpcapital as at 31 Aug 2001
BA5 – 2. Corpcapital Bank Limited as at 31 Aug 2000
BA6 – Net estimated overvaluation in Old Corpcapital’s 2001 Financial Statements
BA7 – Gain for Corpgro and Corpcapital
BA8 – The estimated “correct” distribution of net assets : Value in merger of 31 Aug 2001
BA9 – Estimated Actual distribution of net asset value in merger as at 31 Aug 2001
Analysis of directors’ remuneration
Extract of Iliad Africa Ltd share register