Public Protector report on ABSA bailout set aside

PRETORIA- Public Protector Busisiwe Mkhebwane Bankrop-CIEX , where ABSA was ordered to pay back R1.125 billion loan from apartheid era bailout.

Absa’s Songezo Zibi: “We are obviously delighted and we’re studying the judgment. We can finally put the matter behind us.”

This is a devastating blow to the public protector, as the court has set aside her report after ABSA filed a complaint saying the report is flawed and be set aside.

Justice Cynthia Pretorius ordered Mkhwebane to pay 15% of the South African Reserve Bank’s (SARB’s) costs in her personal capacity. The rest of the 85% will be paid by her office.

The report was released in June, her findings called for ABSA to payback a loan that was approved by the Reserve Bank under the apartheid government.

The court also ordered that Mkhebwane should personally pay some of her opponents’ legal costs.

Photo Credit- Mail and Guradian

 

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