The “lifeboat” scandal refers to the bailout of Bankorp by the South African Reserve Bank during apartheid’s dying years.
Public Protector Busisiwe Mkhwebane has ordered the Special Investigating Unit (SIU) to recover more than R1 billion from Absa.
The Money Show’s Bruce Whitfield interviewed Noseweek Editor Martin Welz.
Welz discussed the history of, and story behind, the uncovering of the lifeboat scandal.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
It wasn’t a real loan; it was a fictitious loan.— Martin Welz, Noseweek
Sanlam was so fed-up it declared it wasn’t going to lend any money.— Martin Welz, Noseweek
They [Reserve Bank] knew it was a dicey transaction.— Martin Welz, Noseweek
It was scaly.— Martin Welz, Noseweek
It was irregular and a fraud.— Martin Welz, Noseweek
The ANC government approved of this.— Martin Welz, Noseweek
It was a gift made in secret. And Bankorp never declared it.— Martin Welz, Noseweek
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
The Money Show’s Bruce Whitfield interviews Cannon Asset Managers Portfolio Manager Samantha Steyn.
The Money Show’s Bruce Whitfield interviews independent political analyst Daniel Silke.
The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.
The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.
The Money Show’s Bruce Whitfield interviews Sanlam Investment Management Portfolio Manager Patrice Rassou.
The Money Show’s Bruce Whitfield interviews Investec Asset Management Economist Nazmeera Moola.
The movie stars Joburg-born actor Andreas Damm as Pistorius and Victoria Secret model Toni Garrn as Reeva Steenkamp.
Max Price says Council on Higher Education's announcement that UKZN, UCT and UL could lose their LLB accreditation is not right.
Bruce Whitfield interviews Outa’s Wayne Duvenhage about his open letter to MultiChoice, who will pay ANN7 R245 million.
Tsogo Sun Cape regional manager explains which items are free to be taken home by guests and why.
Loo Me is a simple yet effective scented foam that takes the yuck out of "mellowing" toilets preventing multiple flushes.