Director at the NGO Accountability Now, Advocate Paul Hoffman, lodged the original complaint regarding the apartheid-era bailout of Absa and its predecessor Bankorp.
He talks to Stephen Grootes about the latest findings and why it is still important despite it all happening a long time ago.
Because it was an illegal bailout and because - as our complaint put it at the very beginning - there was evidence of maladministration on the part of the new South African government in its failure to follow up on work that was done to recover the misappropriated monies when the new South Africa emerged from the ashes of the old South Africa.— Advocate Paul Hoffman, Accountability Now
It is not only Absa Bank, he adds. There were several other transactions that are covered in the CIEX report.
I'm pleased to see that Public Protector hasn't forgotten about them and she has asked that the SIU get itself all geared up to look into that.— Advocate Paul Hoffman, Accountability Now
Whether it can be recovered remains to be seen, he says, as there are all sorts of prescriptions involved.
Stephen Grootes notes that many previous presidents and finance minister's veered away from implementing the infamous CIEX report.
Why is it being implemented now?
I think the political wheel has turned.— Advocate Paul Hoffman, Accountability Now
Take a listen to Paul Hoffman's analysis below:
This article first appeared on 702 : Advocate Paul Hoffman explains the history of CIEX report and its relevance