Absa plans immediate High Court action against public protector
Absa is immediately going to the High Court to fight Public Protector Busisiwe Mkhwebane’s claim that it owes R1.125bn for its role in the early-1990s Bankorp bail-out, it said on Wednesday morning. "This is due to numerous misrepresentations and factual inaccuracies which form the basis of the Public Protector’s findings, and what we submit are the irrational and unreasonable legal conclusions in the report. The misconceptions and inaccuracies in the report are profound and damaging to Absa’s reputation," the bank’s JSE-listed parent, Barclays Africa, said in a statement. "We have accordingly instructed our lawyers to immediately prepare an application to the High Court to have the report and its remedial actions set aside." On Monday, Mkhwebane issued her final report, saying Absa owed the government R1.125bn for its role in the Bankorp saga. Bankorp collapsed in 1985, and in the ensuing bail-out the Reserve Bank sold it to Absa in 1992. "We deny that Absa received R1.125bn by way...
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