http://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / All News RSS ← Back
Absa|All State|Bankorp|Business|Meokgo Matuba
Business|
absa|all-state|bankorp|business|meokgo-matuba
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

Cut ties with Absa, ANCWL tells govt

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

Cut ties with Absa, ANCWL tells govt

Photo by Bloomberg

20th June 2017

By: News24Wire

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

The African National Congress Women's League (ANCWL) called on all state departments to cut ties with Absa over the R1.1-billion the Public Protector said it owes the South African Reserve Bank (Sarb).

"The ANCWL calls for government departments and all State owned entities doing business with Absa to terminate their contracts with Absa with immediate effect,'' league secretary general Meokgo Matuba said in a statement

Advertisement

The amount relates to a R1.125-billion bailout by Sarb to help Bankorp between 1985 and 1995. Absa acquired Bankorp in April 1992 but there have been calls for Absa to pay the money back to the Sarb.

On Monday Public Protector Busisiwe Mkhwebane released the findings of a probe into the issue.

Advertisement

She found that by sending the money to Bankorp, the Sarb failed to comply with the South African Reserve Bank Act, among other findings. She instructed the Special Investigating Unit to recover the amount from Absa.

The ANCWL also called for more probing to recover money allegedly stolen by the apartheid government, and to use these funds for development.

Absa said it does not believe it owes the money.

In a statement to Fin24, the company said: "Absa met all its obligations in respect of the loan provided by the South African Reserve Bank by October 1995. It is our firm position that there is no obligation to pay anything to the South African government."

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now
Register Close