Sexwale 'heritage fund': Bank for International Settlements does not service companies or individuals

The Bank for International Settlements (BIS) says it does not provide banking services to individuals or companies. Businessman Tokyo Sexwale claimed last week that a 'heritage fund' bank account, of which he was a co-trustee, was held by the BIS.
The Bank for International Settlements (BIS) says it does not provide banking services to individuals or companies. Businessman Tokyo Sexwale claimed last week that a 'heritage fund' bank account, of which he was a co-trustee, was held by the BIS.
Image: Veli Nhlapo

The Bank for International Settlements (BIS) says it does not provide financial services to private individuals or companies and that its name, logo and address are misused sometimes in fraudulent schemes.

The BIS was responding to questions posed by the Sunday Times on claims made by politician and businessman Tokyo Sexwale last week that there were funds held by BIS which were unlawfully accessed.

Sexwale claimed in a media briefing last week that funds from a “heritage fund” bank account, of which he was a co-trustee, were looted.

Sexwale said the fund's bank account was held by the Bank for International Settlements.

“The BIS system is accessed inside any bank by very few people, who needed clearance at level seven, to access, to open, to download the funds,” claimed Sexwale.

However, the BIS has disputed the claim.

In its response to the Sunday Times, a BIS spokesperson said: “The BIS is an international organisation whose banking services are provided exclusively to central banks and other international organisations.”

The spokesperson said BIS did not provide financial services to private individuals or companies.

“In some cases, the BIS’s name, logo and address are misused in fraudulent schemes. The BIS is not connected in any way with these schemes and recommends that such cases be reported to local authorities.”

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