Barclays Africa must repay 1.1 billion rand over bailouts

19 Juin, 2017, 18:30 | Author: Marc Bacque
  • Barclays Africa must repay 1.1 billion rand over bailouts

The public protector said she is not politically motivated or "captured". We will work side-by-side with the Public Protector.

Absa has noted the Public Protector's statement today regarding her investigation into the SA Reserve Bank's assistance to Bankorp between 1985 and 1995. "This was accepted by the Davis Panel".

"Absa did not make a provision in its accounts for the repayment of the interest on the SARB loan to Bankorp because no such liability to repay interest existed", they said.

Aside from the #GuptaLeaks, the investigation will also look at the controversial re-appointment of Brian Molefe as head of Eskom.

Absa stated, "the remedies proposed in the Provisional Report are neither practically feasible nor legally competent". In particular, the recovery of any debt allegedly due (which is denied) has long ago prescribed in law.

She found that the bank and its predecessor Bankorp unduly benefitted from a R1.125 billion bailout from the Reserve Bank. "Failure to recover the "gift" resulted in prejudice to the people of South Africa as the funds could have benefited the broader society instead of a handful of shareholders of Bankrop/ABSA Bank".

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Mkhwebane says the funds where unlawfully given to Bankorp by the Reserve Bank.

She says the conduct was contrary to the Constitution.

Public Protector Busisiwe Mkhwebane has ordered the Special Investigating Unit (SIU) to recover more than R1 billion from Absa paid as a bailout in the apartheid era.

"Dealing with alleged stolen state funds after commissioning and paying the same, whether the South African government failed to improperly implement the report is substantiated".

Mkhweban said Ciex was paid 600 000 British pounds for services which were never used by government.

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