The ripples from a damning report by Viceroy Research into Capitec bank continue to spread. On Thursday, South Africa’s Treasury came out with a statement strongly critical of Viceroy and hinting that it could face legal consequences for making claims to manipulate the market. But it also emerged this week that Viceroy was not the first to question Capitec’s lending model. A letter sent to Capitec by Benguela Global Fund Managers 10 days before the release of the Viceroy report raised similar concerns. Meanwhile, Moneyweb reports that S&P Global has said that its ratings of Capitec are unaffected and there was nothing in the Viceroy report “that would lead us to review the rating”. By REBECCA DAVIS.