BANKORP SAGA
Reserve Bank in new legal action against public protector
The South African Reserve Bank has lodged another court application against the office of the public protector, this time seeking to set aside the rest of the agency’s remedial action relating to an apartheid-era lifeboat granted to Bankorp. The new application deals with Public Protector Busisiwe Mkhwebane’s report on the Absa/Bankorp lifeboat and the Bank’s alleged failure to recover the funds. The Bank first instituted a review application on Mkhwebane’s remedial action directing Parliament to amend its constitutional mandate, reserving its rights to deal with the rest of the report at a later stage. The office of the public protector misunderstood the Bank’s role as a lender of last resort and also conducted its probe into the R1.1bn lifeboat in a manner that was "procedurally unfair", Bank general counsel Johannes de Jager argued in a new affidavit filed on July 31 and made public on Thursday. He said Mkhwebane also "unlawfully" directed the president to reopen a Special Invest...
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