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Barclays Africa must repay 1.1 bln rand over bailouts

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Barclays Africa must repay 1.1 bln rand over bailouts

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19th June 2017

By: Reuters

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Barclays Africa Group unduly benefited from apartheid-era bailouts and must repay 1.1 billion rand ($86 million), South Africa's anti-graft watchdog said on Monday.

Public Protector Busisiwe Mkhwebane in January reopened a probe of Barclays South Africa following a wider report published last November by her predecessor.

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She said on Monday that the probe had found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Barclays Africa unit Absa in 1992, with a series of bailouts from 1986 to 1995.

Barclays Africa would have to pay 1.1 billion rand ($86 million), Mkhwebane said, adding that her office had referred the matter to the Special Investigating Unit to help recover the money.

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Barclays Africa said it planned to issue a statement.

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