 Capitek Bank denounced as a loan shark. Based on our research and due diligence we believe that Capitek is a loan shark with massively understated defaults masquerading as a community microfinance provider. We believe that the South African Reserve Bank and Minister of Finance should immediately place Capitek into curatorship. That is the statement from Vice Roy Research the company that first flagged irregularities at Steinhoff. Capitek Bank in response has stated, we have taken note of the Vice Roy report on Capitek Bank. We are currently in the process of investigating the report in detail and will respond appropriately. Capitek Services allow income demographic yet they out earn all major commercial banks globally including competing high-risk lenders notes Vice Roy. We don't buy this story. Vice Roy believes this is indicative of predatory finance which we have corroborated with substantial on the ground discussions with Capitek X employees former customers and individuals familiar with the business it asserts. Vice Roy's extensive due diligence and compiled evidence suggests that indicates Capitek must take significant impairments to its loans which will likely result in a net liability position. We believe Capitek's concealed problems largely resemble those seen at African Bank investments prior to its collapse in 2014. We think that it's only a matter of time before Capitek's financials and business unravel with macro headwinds creating an exponential risk of default and bankruptcy. The shocking Vice Roy report further asserts. Legal documents obtained by Vice Roy show Capitek advising and approving loans to delinquent customers in order to repay existing loans. These documents also show Capitek engaging in reckless lending practices as defined by South Africa's National Credit Act. This corroborates Vice Roy's loan book analysis. As a consequence of refinancing delinquent loans Vice Roy believes Capitek's loan book is massively overstated. Vice Roy's analysis against competitors suggests an impairment slash write-off impact of R11BN will more accurately represent the delinquencies and risk in Capitek's portfolio. Legal experts that we have spoken to believe that the outcome of an upcoming reckless and predatory lending test case in March 2018 will be used to trigger a multi-party litigation refund, class action. We believe that at a minimum Capitek will be required to refund predatory origination fees primarily related to multi-loan facilities, an estimated R12.7BN.