Barclays Africa: Public Protector's report riddled with inaccuracies

Barclays Africa says it has fully cooperated with the Public Protector’s investigation since it began and will continue to do so.

FILE: Barclays logo. Picture: barclaysafrica.com

JOHANNESBURG - Barclays Africa says that while it believes the Public Protector's preliminary report into the bank is riddled with factual and legal inaccuracies it will continue to cooperate with her office.

Absa could be liable to pay more than R2 billion for an alleged unlawful apartheid-era bailout.

Public Protector Busiswe Mkhwebane has provisionally found that the apartheid government breached the Constitution and the Public Finance Management Act.

In a statement posted on its website, Barclays Africa says it has fully cooperated with the Public Protector’s investigation since it began and will continue to do so.

The bank says that in its current form, the preliminary report by Mkhwebane creates the incorrect view that Absa received undue benefits by virtue of the South African Reserve Bank.

It says it plans to make submissions before the deadline at the end of February in a bid to correct several factual and legal errors.

Reserve Bank Governor Lesetja Kganyago says he is studying the Public Protector's preliminary report on Absa and will give her extensive feedback next week.

According to the Mail and Guardian newspaper, Mkhwebane has proposed that President Jacob Zuma consider a commission of inquiry to establish whether other apartheid-era loans should be repaid by other institutions.

(Edited by Neo Koza)