Black First Land First: We want the R26bn from apartheid bailout

The party says companies involved in the looting of money from the Reserve Bank include Absa, Sanlam, Rembrandt, Aaerospatiale and Armscor.


JOHANNESBURG – Black First Land First says all those who are implicated in the apartheid-era’s unlawful bailout, including Johan Rupert, should pay back the money.

The party says in 1997 a private United Kingdom (UK) based investigations company was commissioned by the government to investigate apartheid era crime and corruption where it submitted a report that billions of rand were stolen by white capital, of which R26 billion was recoverable.

The party’s Neo Mokatsanyane says among other companies involved in the looting of money from the South African Reserve Bank are Absa, Sanlam, Rembrandt, Aaerospatiale and Armscor.

Mokatsanyane says justice must prevail.

“A report was submitted to former president Thabo Mbeki by a private investigator in the UK, which revealed that he could trace R26 billion stolen by apartheid leaders and placed offshore. We want that R26 billion, because [it] is going to solve a lot issues that are facing the majority, and a lot of issues that characterise the black condition – like the issues of unemployment and free education.”

On Friday, the Reserve Bank Governor Lesetja Kganyago said he is studying Public Protector Busisiwe Mkhwebane’s preliminary report on Absa and will give extensive feedback next week.

Mkhwebane has found that the bank could be liable to pay back more than R2.2 billion to the fiscus for an unlawful apartheid-era bailout.

She has provisionally found that government breached the Constitution and the Public Finance Management Act.

(Edited by Masechaba Sefularo)