Absa makes submissions to public protector on Bankorp bailout loan
Absa Bank has made submissions to Public Protector Busisiwe Mkhwebane‚ hoping to counter adverse findings against it in her provisional report on its purchase of Bankorp. In January‚ a leaked provisional report reflected her office recommending that Absa pay R2.25bn to the fiscus arising from an unlawful apartheid-era bank bailout. The report recommended that the National Treasury and the Reserve Bank‚ institute legal action against Absa to recover 16% interest over five years. Titled "Alleged failure by government to recover funds borrowed to Absa"‚ the report proposed that President Jacob Zuma consider appointing a commission of inquiry to investigate alleged apartheid-era corruption. Absa promised last month that it would make further submissions by the deadline of this Tuesday to correct several factual and legal inaccuracies. Barclays Africa spokesman Songezo Zibi said on Tuesday that Absa made submissions to the public protector on Monday, but would not comment on them.
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