PUBLIC PROTECTOR IN COURT
Mkhwebane ‘based Absa claim on consultation after report’
Counsel argues protector’s directive that about R1bn should be recovered from Absa was without any factual foundation at the time she made it
Public Protector Busisiwe Mkhwebane’s contention that Absa had not paid fair value for Bankorp was, by her own admission, based on an opinion sought after her report into the matter had been published. This meant that her directive that about R1bn should be recovered from Absa was without any factual foundation at the time she made it, the big four bank’s counsel, Advocate Gilbert Marcus, argued in the High Court in Pretoria on Thursday. "There is no admissible evidence that Absa was, in the words of the public protector, the ‘recipient of an illegal gift’, and that means the remedial action was simply without any factual foundation at all," he said. In a June report into the matter, Mkhwebane directed the Special Investigating Unit to move to recover R1.125bn from Absa for an apartheid-era bailout given to Bankorp, which was later bought by Absa. Absa, the Reserve Bank and Minister of Finance Malusi Gigaba are seeking to have Mkhwebane’s findings reviewed and set aside. The matter ...
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.