Judgment in Absa-Bankorp case to be handed down early in 2018
The case relates to an Apartheid-era bailout of Bankorp, where the Reserve Bank effectively extended R1.1bn to the bank in the form of a structured transaction
Judgment was reserved on Thursday in the Absa-Bankorp case, which has pitted public protector, Busisiwe Mkhwebane against the Reserve Bank, the minister of finance and Absa — all of which are seeking to have her report into this matter, or findings in the report, set aside. Judge Cynthia Pretorius, one of three judges hearing the matter, said that judgment would be handed down in late January or early February. The case relates to an Apartheid-era bailout of Bankorp in which the Reserve Bank effectively extended R1.1bn to the ailing bank in the form of a structured transaction. Absa’s acquisition of Bankorp was effective in April 1992, making it the recipient of the Bank’s assistance.
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