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Absa files Mkhwebane apartheid bailout report review

Absa chief executive Maria Ramos says the remedial action rests upon material errors of fact and law.

Picture: EWN.

PRETORIA - Absa bank has filed its application to review the Public Protector’s report on an apartheid era bailout, citing several factual and legal errors in the report.

Advocate Busisiwe Mkhwebane released the report last month, which included remedial action that the Special Investigating Unit recover more than a billion rand from Absa.

The matter relates to funds misappropriated during the apartheid era and given as a lifeboat to Bankorp, which was later purchased by Absa bank.

Absa chief executive Maria Ramos says the remedial action rests upon material errors of fact and law.

She says the Public Protector failed to appreciate the manner in which the Bankorp transaction with the Reserve Bank was structured and that Absa paid for the so-called lifeboat when it acquired Bankorp.

Ramos says the remedial action was imposed without procedural fairness in that Absa, despite requests to Advocate Mkhwebane’s office, was not shown critical documents which formed the basis of her findings.

Ramos also attacks the Public Protector’s jurisdiction, saying the office may not investigate matters which occurred before the Public Protector Act came into effect.

(Edited by Winnie Theletsane)