Government acted improperly by failing to act on the CIEX report - Mkhwebane

Public Protector, Busisiwe Mkhwebane has found that government acted improperly by failing to act on the CIEX report and that SARB failed to recover funds paid to Bankorp/ABSA.

A preliminary report identified three major opportunities to recover funds: Absa (R3.2 billion), Sanlam and the then-Rembrandt Group (between R3 billion and R6 billion) and up to R5.5 billion from Aerospatiale and DaimlerChrysler.

Eyewitness News reporter Barry Bateman says the actual amount owed by Absa is in fact R 1.25 billion.

(The Public Protector has) reflected on the fact that two investigations into the matter earlier established that the financial aid given to Bankorp/ABSA was in fact irregular.

Barry Bateman, EWN reporter

She is referring this matter to the Special Investigating Unit to reopen and amend proclamation 1998 which was gazetted in order for the SIU to recover misappropriated funds unlawfully given to ABSA.

Barry Bateman, EWN reporter

This is going to be referred to the portfolio committee on justice and correctional services to amend a section of the Constitution which relates to the role of the South African Reserve Bank.

Barry Bateman, EWN reporter

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