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Judgment in Absa-Bankorp case reserved

by 07/12/2017 09:04:00 0 comments 1 Views

Judgment was reserved on Thursday in the Absa-Bankorp case‚ which has pitted public protector‚ Busisiwe Mkhwebane against the Reserve Bank‚ the minister of finance and Absa — all of which are seeking to have her report into this matter‚ or findings in the report‚ set aside.

Judge Cynthia Pretorius‚ one of three judges hearing the matter‚ said that judgment would be handed down in late January or early February.

The case relates to an Apartheid-era bailout of Bankorp in which the Reserve Bank effectively extended R1.1bn to the ailing bank in the form of a structured transaction. Absa’s acquisition of Bankorp was effective in April 1992‚ making it the recipient of the Bank’s assistance.

In a report published in June — the outcome of an investigation following a complaint laid with the public protector’s office in 2010 relating to the matter — Mkhwebane directed the Special Investigating Unit to reopen an earlier investigation by the unit into the lifeboat‚ “in order to recover misappropriate public funds unlawfully given to Absa Bank in the amount of R1.125bn”.

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