ANCYL: Absa must be held accountable for criminality, fraud

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

ANCYL leader Collen Maine (right) awaits the start of a press briefing. Picture: Clement Manyathela/EWN

JOHANNESBURG – The African National Congress Youth League (ANCYL) is calling on Absa to be held accountable for criminality and fraud, saying it is mobilising to demonstrate against the financial institution.

The league held a briefing at the Saint George’s Hotel in Pretoria on Wednesday.

The Black First Land First Movement also planned to occupy Absa following the leak of the Public Protector’s report, which found the bank had benefited from an apartheid-era bailout.

The Public Protector has found that the bank could be liable to pay back more than R2.2 billion to the fiscus for the bailout.

According to Black First Land First Movement, a private United Kingdom-based investigations company was commissioned by the government in 1997 to investigate apartheid-era crime and corruption. It submitted a report that billions of rand were stolen by white capital, of which R26 billion was recoverable.

The organisation’s Neo Mokatsanyane said Absa, Sanlam, Rembrandt, Aaerospatiale and Armscor were among the companies involved in the looting of money from the South African Reserve Bank.

Black First Land First says all those who are implicated in unlawful apartheid-era bailouts should pay back the money.

(Edited by Shimoney Regter)