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...


Recommended

by NEWSROOM AI
Read More
No clarity on provisional Public Protector report into Absa, says Adv Hoffman

No clarity on provisional Public Protector report into Absa, says Adv Hoffman

A leaked Public Protector report allegedly reveals Absa may have to pay R2.2bn to the fiscus for an unlawful apartheid-era bailout.

Absa may have to pay R2.25 billion for unlawful apartheid era bank bailout

Absa may have to pay R2.25 billion for unlawful apartheid era bank bailout

M&G's Pauli Van Wyk speaks about Public Protector's preliminary report implicating Absa, Reserve Bank, Treasury and Presidency.

Fana Hlongwane sues Absa for closing his accounts

Fana Hlongwane sues Absa for closing his accounts

Former arms deal consultant and businessman Fana Hlongwane wants Absa to pay him R7 million for closing his accounts in 2013.

Absa backs Gordhan in proving hands are tied in Gupta-banks saga

Absa backs Gordhan in proving hands are tied in Gupta-banks saga

Pravin Gordhan applied for an order confirming he could not interfere in banks’ decisions to cut ties with the Gupta family.

Zuma claims he is only person who has right to appoint commission of inquiry

Zuma claims he is only person who has right to appoint commission of inquiry

Law expert Phephalaphi Dube says Constitution doesn't give Zuma unbridled power regarding state capture report inquiry.

Zuma wants state capture report back to Mkhwebane for 'further investigation'

Zuma wants state capture report back to Mkhwebane for 'further investigation'

Political analyst Eusebius McKaiser and Business Day legal writer Franny Rabkin look at the legalities of the President's case.

Mkhwebane denies laying charges against former Public Protector Thuli Madonsela.

Mkhwebane denies laying charges against former Public Protector Thuli Madonsela.

Public Protector Advocate Busisiwe Mkhwebane Public Protector calling on police to investigate leaked interviews.

Does new Public Protector believe Madonsela violated the law?

Does new Public Protector believe Madonsela violated the law?

Sunday Times reporter Qaanitah Hunter looks at the charges laid against former Public Protector by her predecessor.

Public Protector CEO resignation raises questions

Public Protector CEO resignation raises questions

CEO of the Public Protector's Office Advocate Louisa Zondo has resigned for personal reasons, raising suspicion and speculation.

Mkhwebane denies trash talking Madonsela (and doesn't want to be compared)

Mkhwebane denies trash talking Madonsela (and doesn't want to be compared)

Busisiwe Mkhwebane says she feels she's being unfairly compared to her predecessor adding that she wants to do things differently.

New Public Protector focuses on cost cutting and tackling backlog

New Public Protector focuses on cost cutting and tackling backlog

During the public briefing, Busisiwe Mkhwebane said that Madonsela has run her race and this is her time to also run her race.

New Public Protector hits ground running, 'throws shade' at Madonsela

New Public Protector hits ground running, 'throws shade' at Madonsela

Adv. Mkhwebane briefed the justice portfolio committee on her office’s yearly report and seemed to discredit her predecessor.

Mkhwebane cannot release 'state capture' report until court matter resolved

Mkhwebane cannot release 'state capture' report until court matter resolved

New Public Protector appeared before Parliamentary Justice Portfolio Committee to present annual report and was warmly welcomed.

Absa ad has people hot under the collar

Absa ad has people hot under the collar

Cultivating the Exceptional has left some people perplexed and annoyed

Popular articles
I was not introduced to Ajay Gupta - Grootes

I was not introduced to Ajay Gupta - Grootes

Stephen Grootes says he believes former Eskom CEO Brian Dames when said he was not formally introduced to the Gupta family.

Vavi: I can't sleep at night for making Zuma the president

Vavi: I can't sleep at night for making Zuma the president

Zwelinzima Vavi says South Africa is paying dearly for choices they've made in being angry with Mbeki and not thinking logically.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

WATCH: Zuma denies crisis at Sassa, won't evaluate isiphithiphithi (chaos)

WATCH: Zuma denies crisis at Sassa, won't evaluate isiphithiphithi (chaos)

Zuma says he cannot be expected to act against Minister Bathabile Dlamini on social grants matter now before the ConCourt.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

What in the World Happened To ... Felicia Mabuza-Suttle

What in the World Happened To ... Felicia Mabuza-Suttle

The #Afternoondrive team located entreprenuer and talk show host, Felicia Mabuza-Suttle to find out what she's been up to since she left our screens.