Public Protector: Absa Must Pay Back The Money

Zuma has denied any wrongdoing, and is challenging the Public Protector’s report in court. Absa acquired Bankorp in April 1992.

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

“The South African Reserve Bank (SARB) is still studying the Public Protector’s report on the loan granted to Bankorp and will thereafter announce its response to the findings and remedial actions”, the bank said in a statement.

It will now be up to the SIU to uncover the public funds which were “unlawfully given” to Absa, as Mkhwebane has found.

“The conduct of the South African government and the South African Reserve Bank goes against the ethos laid out in the preamble of the Constitution and section 195 of the Constitution in respect of redressing social injustices and promoting efficiency”. Comrades who were in government when the CIEX report came out where defensive when it came to this matter.

“R1.25-billion was paid back by Absa, the recovery relates to the interest the banks accumulated over two decades”, Mkhwebane said, adding that while Absa was charged 1% interest, they “benefitted” from another 15% in government bonds.

South African bonds weakened on Monday afternoon in line with the rand, which in turn, was affected by local political concerns.

The Sunday Times reported that she had sat on at least four separate investigative reports involving the Gupta family since she took up office eight months ago.