5 things you need to know to understand the 'Public Protector vs Absa' debacle

Can’t wrap your head around the “Public Protector vs Absa debacle”?

You’re not alone.

The Money Show’s Bruce Whitfield interviewed Intellidex MD Stuart Theobald.

Theobald unpacked five things you need to know if you’re to understand what’s going on:

  • One new insight was the claim that Chris Stals said that Absa had agreed to cover the interest on the loans to Bankorp. Now, however, Stals says he was misquoted.

  • Without the Stals claim; there seems to be nothing in the PP report that has not been better handled by the Davis and Heath reports before it.

  • There is significant political heat around banking regulation as a whole. The closure of Gupta bank accounts remains an issue. Gupta associates are attempting to buy Habib Overseas Bank; this requires approval from the Finance Minister. The PP report adds pressure on the Reserve Bank.

  • The PP report feeds into a narrative of attempting to cast aspersions on prominent business people in an effort to draw a false equivalence to some of the allegations levelled against the Guptas. The PP report is being used to suggest that Johann Rupert illegitimately benefited from apartheid era corruption. This is tenuous - the Bankorp lifeboat really helped Sanlam policy holders. Rupert has no interest in Absa - his banking exposure is to FirstRand, which is a rival.

  • All of this serves to muddy the water around the issue of state capture. We need to remain focused on what matters: the SA state's effectiveness and ability to deliver to ordinary South Africans is being compromised. That is the issue we should be animated by. We should also address apartheid-era corruption, but don't let that distract from what we need to do in the here and now.

For more detail; listen to the interview in the audio below.

Click here (then“like” the page) to follow Bruce on Facebook.

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.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


Recommended

by NEWSROOM AI
Read More
How to make best use of your year-end bonus

How to make best use of your year-end bonus

The Money Show’s Bruce Whitfield interviews Warren Ingram, Personal Financial Advisor and Executive Director at Galileo Capital.

UK politics descends into chaos as Tories trigger no confidence vote against May

UK politics descends into chaos as Tories trigger no confidence vote against May

The Money Show’s Bruce Whitfield interviews Prof Raymond Parsons (Economist at NWU Business School) and EWN's Alex Eliseev.

The best things to listen to this holiday

The best things to listen to this holiday

What music can do for the soul, podcasts can do for the mind.

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

Bruce Whitfield sat down with GT Ferreira, Laurie Dippenaar and Paul Harris, the inspirational founders of Rand Merchant Bank.

10 most-read articles of 2018 from Bruce Whitfield's The Money Show

10 most-read articles of 2018 from Bruce Whitfield's The Money Show

It's interesting to see which The Money Show articles were most widely read in 2018; a very tough year for the economy.

Research proves networking doesn’t work (if you try it with strangers)

Research proves networking doesn’t work (if you try it with strangers)

Review of “Friend of a Friend: Understanding the Hidden Networks That Can Transform Your Life and Your Career” by David Burkus.

Popular articles
Africa State of Mind: 'My dream is to be global' -  Sho Madjozi

Africa State of Mind: 'My dream is to be global' - Sho Madjozi

In this episode of Africa State of Mind, Lee Kasumba chats to South African rapper Sho Madjozi about her upbringing, and rise to fame.

[LISTEN] Health tips for the festive season

[LISTEN] Health tips for the festive season

In the health feature, CEO of Proactive Health Solutions Dr Fundile Nyathi chats about some health issues the generally arise during the festive season.

Adriaan Basson the second journalist to lay a charge against an EFF member

Adriaan Basson the second journalist to lay a charge against an EFF member

Earlier on Friday, Karima Brown laid a charge of intimidation against a party member who sent her what she says is a threatening text.

'Love your vulva the way it is' - Designer vaginas are dangerous, warns Dr Eve

'Love your vulva the way it is' - Designer vaginas are dangerous, warns Dr Eve

So-called 'designer vaginas' are created through various surgical or non-surgical procedures, explains clinical sexologist Dr Eve.

'Shutdown of Ndalo Media is no surprise and is a blow to media diversity'

'Shutdown of Ndalo Media is no surprise and is a blow to media diversity'

The company will reportedly shut its doors in January 2019.

'Cyril is the most popular president since Nelson Mandela'

'Cyril is the most popular president since Nelson Mandela'

Author Max de Preez weighs in on where SA would be if Jacob Zuma was still president and the impact of Ramaphosa now.

[WATCH] Internet search for talented singer Nosipho is over...she's been found!

[WATCH] Internet search for talented singer Nosipho is over...she's been found!

Khabazela shares tweets and Facebook posts that have gone viral.

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'Ellen' The Ellen Pakkies Story, premiers in cinemas on Friday.