Absa: ‘Delighted’ by judgment on Mkhwebane Ciex Report
Public Protector's Busisiwe Mkhwebane's report into the apartheid era bail-out has been set aside by the High Court in Pretoria.
JOHANNESBURG - Absa has welcomed Friday's judgment in the case involving the Public Protector's Ciex Report, saying it reaffirms the bank's position that it didn't owe the government any money because it paid fair value for Bankorp.
Busisiwe Mkhwebane's report into the apartheid era bail-out has been set aside by the High Court in Pretoria.
It had ordered Absa to pay more than R1 billion.
Absa, the Reserve Bank and Treasury challenged Mkhwebane's findings, claiming her report was procedurally unfair and rested on material errors of fact and law.
Absa's Songezo Zibi said: “The court agreed with Absa’s application and set aside both the findings and the remedial action and also awarded Absa costs in the matter. We are obviously delighted; we are studying the judgment, but we are delighted that the court agreed has with us.”