Initial Absa report gave no clarity on how money would be repaid - Dennis Davis

Member of the Commission of Inquiry into Certain Aspects of the Tax Structure of South Africa and High Court Judge Dennis Davis speaks to The Midday Report about the Absa apartheid bank bailout saga.

He says the Public Protector Advocate Busisiwe Mkhwebane will have to explain how the previous reports into Absa's unlawful apartheid-era bank bailout failed.

In 2000, Dennis headed the investigation commissioned by then Reserve Bank Governor Tito Mboweni. The panel concluded that the bailout was unlawful.

Davis explains that it was difficult to establish how the money was going to be recovered.

We all agreed that the loan had been illegal.

Judge Dennis Davis, member of the Commission of Inquiry into Certain Aspects of the Tax Structure

As I understand, his committee took the view that if it was going to be paid at that particular time it was going to create major destabilisation of the banking sector.

Judge Dennis Davis, member of the Commission of Inquiry into Certain Aspects of the Tax Structure

The question was who recovers money. If it's Absa, would it be Absa shareholders not or Absa shareholders 24 years later.

Judge Dennis Davis, member of the Commission of Inquiry into Certain Aspects of the Tax Structure

Last week Mail & Guardian reported that Mkhwebane compiled a preliminary report which requires Absa to pay R2.25 billion to the fiscus for an unlawful apartheid-era bank bailout.

Listen to the full interview below for more information...

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