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S.Africa watchdog says Barclays Africa must repay $86.44 mln over bailouts
20 June 2017, 12:10 | Gerardo Harmon
Mkhwebane was speaking during a media briefing held in Pretoria on Monday.
"This is quite unusual that a Public Protector has been so specific on changing the constitution or indeed be so radical on transformation", he said. That phrase has been central to South African monetary policy since the end of white-minority rule in 1994.
It is unclear why she deviated into monetary policy as she delivered her findings against Barclays Africa, a tangent that Nomura emerging markets economist Peter Attard Montalto described as touching "Pandora's Box".
"This is quite unusual that a Public Protector has been so specific on changing the constitution or indeed be so radical on transformation", he said.
The NGO's Director Paul Hoffman says the bailout was illegal and there was evidence of maladministration by the new South African government in its failure to follow up on misappropriated money.
The Presidency announced at the end of past year that Jacob Zuma would be taking former Public Protector Thuli Madonsela's state capture report on review.
In her findings on the report by Ciex, a covert asset recovery agency in the United Kingdom, Mkhwebane said the conduct of the Reserve Bank and the government regarding the Absa bailout, which included a number of banks in the Bankorp group receiving unlawful funds during the apartheid era, were inconsistent with various sections of the Constitution. Zuma's lawyers also argued it was unconstitutional for the public protector to tell the president to set up a judicial commission and decide who should chair it within 30 days.
"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.
Tshwane - Public Protector Busisiwe Mkhwebane announced on Monday that she would be opposing President Jacob Zuma's application to review and set aside the damning "State of Capture" report compiled by her predecessor Thuli Madonsela. Once we have read it we will consider our legal options including seeking a High Court review.
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