oa De Rebus - Investment of client trust funds
A news item in 1996 DR 546 noted that attorneys are liable to their creditors for losses resulting from the liquidation of a bank with whom trust moneys have been deposited. This is a significant risk area and it stands to reason that practitioners should assess the level of risk when deposits are made. A relatively new development in South Africa is credit rating by independent agencies. IBCA. the third-largest ratings agency in the world, entered the South African market in 1990. An article was published in the Sunday Times Business Times 27-4-1997, and with permission I have reproduced below the ratings system (Table 1) and the grading of South African banking institutions (Table 2). These ratings are updated at least once a year.
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