Andile Mvinjelwa and Thomas Davel cleared from suspicion

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July 10, 2012 – Andile Mvinjelwa, Managing Director of The South African Mint Company, and Thomas Davel, Managing Director and General Manager Numismatics have left the company permanently by mutual agreement on June 1, 2012.

In December 2011 it became clear ‘that some of the proof Krugerrand coins produced between April 2011 and May 2011 may not meet all the required quality specifications.’ Both managing directors had been suspended subsequently. Although investigations cleared them from the suspicion of having been involved in illegal activities Mr Mvinjelwa and Mr Davel terminated ‘their respective terms of service with effect from 31 May 2012’, as the South African Reserve Bank, of which the Mint is a wholly-owned subsidiary, stated on June 7, 2012.
Investigations continue as in this case is implicated a theft of R5 circulation coins apparently executed by mint employees.

You can read a comprehensive article on the subject of the ‘krugerrand scandal’ here.

For further information, please visit the website of the South African Mint Company and of the South African Reserve Bank.

The special press release on the mutual agreement you will find here.