BANK REVIEW
Protector told to file papers on contentious Ciex-Absa report
Public Protector Busisiwe Mkhwebane has until Friday to submit her papers providing reasons why her Ciex-Absa report should not be reviewed and set aside. Her lawyers abandoned a high court application to postpone the matter on Friday. Mkhwebane has missed a number of deadlines to file her answering affidavit in combined proceedings brought by the Reserve Bank, Absa and the finance minister to review and set aside the report. The report challenges the central bank’s role as a lender of last resort and requires that Absa pay back more than R1bn granted to Bankorp in fulfilling this role. Bankorp has since been taken over by Absa. "The public protector gave argument, then Absa and the Reserve Bank gave argument," Duncan Wild, an attorney at Webber Wentzel, which is acting for Absa, said on Sunday. "Before the minister could present argument, the protector indicated they would withdraw her application for a postponement." Mkhwebane offered to pay punitive costs for the aborted applicat...
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