Absa’s owner, Barclays Africa Group, was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bail-out provided to a company it bought before the end of apartheid. Demonstrators linked to the ANC Youth League (ANCYL) gathered outside the branch in Durban, Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the incident, it said. The protests come after the leaking of a draft report compiled by the public protector that said Barclays Africa may have unduly benefited from state support when it bought Bankorp in 1992. A panel appointed by former Reserve Bank governor Tito Mboweni found in 2002 that Absa’s shareholders did not derive undue benefit from the central bank’s intervention and said restitution should not be pursued. "Our stance remains that Absa doesn’t owe the government money," the bank said. "We settled our obligations in October 1995 and the public pro...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.