Published: Tue, June 20, 2017
Research | By Francis Brooks

Public Protector: Absa Must Pay Back The Money

Public Protector: Absa Must Pay Back The Money

She said on Monday that the probe had found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Absa in 1992, with a series of bailouts from 1985 to 1995.

The central bank said that it was studying the Public Protector's report and would announce its response to the findings and remedial actions.

The Public Protector, a constitutionally-mandated watchdog, released the report in November past year, after an extensive probe over allegations of influence-peddling against Zuma, whose administration has been marred by scandals.

The Democratic Alliance (DA) has requested that Public Protector, Busisiwe Mkhwebane, release various reports pertaining to longstanding Gupta investigations following an 8-month dry spell on the subject matter.

Absa received R1.25-billion from the apartheid government.

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The Public Protector has probed allegations that CIEX, a covert United Kingdom-based asset recovery agency headed by Michael Oatley, was contracted by Pretoria to assist in investigating and recovering misappropriated public funds and assets allegedly committed during the reign of the apartheid regime. Mkhwebane said Absa has paid some of the money back, but not the two decades' worth of interest that has accumulated.

Mkhwebane has also directed the portfolio committee on justice and correctional services to initiate a process to amend the Constitution. CIEX Limited was paid 600,000 British Pounds for services which were never used by the South African government.

PRETORIA, June 19 South Africa's rand fell more than 1.5 percent on Monday after the Public Protector, an anti-graft watchdog, recommended constitutional changes to make the central bank promote economic growth rather than currency and price stability.

Section 224 deals with the primary object of the South African Reserve Bank. A preliminary report was completed in December 2016.

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