Remedial action would end right to use discretion in Parliament, says Maria Ramos
Absa has joined the Reserve Bank’s application against the public protector’s call for remedial action against the bank. Absa approached the High Court in Pretoria on Friday to have Busisiwe Mkhwebane’s remedial action — contained in the Absa/Bankorp lifeboat report — set aside, stating it was "patently illegal". Mkhwebane had directed Parliament to initiate proceedings to amend the Reserve Bank’s Constitutional mandate from that of protecting the value of the currency to one that focuses on socioeconomic development, prescribing the wording it should use in the amendment. In her founding affidavit supporting the central bank’s application and seeking to be treated as a co-applicant, Absa CEO Maria Ramos says the Barclays Africa subsidiary agreed with all the facts and legal submissions that Reserve Bank governor Lesetja Kganyago made to the court. "The remedial action removes from the members of Parliament their right and obligation to exercise an independent discretion in relation...
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