Government acted improperly by failing to act on the CIEX report - Mkhwebane

Public Protector, Busisiwe Mkhwebane has found that government acted improperly by failing to act on the CIEX report and that SARB failed to recover funds paid to Bankorp/ABSA.

A preliminary report identified three major opportunities to recover funds: Absa (R3.2 billion), Sanlam and the then-Rembrandt Group (between R3 billion and R6 billion) and up to R5.5 billion from Aerospatiale and DaimlerChrysler.

Eyewitness News reporter Barry Bateman says the actual amount owed by Absa is in fact R 1.25 billion.

(The Public Protector has) reflected on the fact that two investigations into the matter earlier established that the financial aid given to Bankorp/ABSA was in fact irregular.

Barry Bateman, EWN reporter

She is referring this matter to the Special Investigating Unit to reopen and amend proclamation 1998 which was gazetted in order for the SIU to recover misappropriated funds unlawfully given to ABSA.

Barry Bateman, EWN reporter

This is going to be referred to the portfolio committee on justice and correctional services to amend a section of the Constitution which relates to the role of the South African Reserve Bank.

Barry Bateman, EWN reporter

Click on the link below to listen to the full audio....


Recommended

by NEWSROOM AI
Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

‘Documents show that the fee contract was entered into by Anoj Singh & signed off by the acting CEO Sean Maritz' - Chris Yelland

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

Stephan Grootes shares his views on the events that unfolded at Life Esidimini and comments on Qedani Mahlangu’s apology.

Metrorail train derails due to vandalism on the central line

Metrorail train derails due to vandalism on the central line

The Central line was set to resume services on Thursday but has been postponed due to vandalism at Heideveld and Netreg stations.

May the Fourth be with you, a celebration of Star Wars Day

May the Fourth be with you, a celebration of Star Wars Day

May 4 marks "May the Fourth be with you," Day celebrated by fans George Lucas' fans of his Star Wars global movie franchise.

Initial Absa report gave no clarity on how money would be repaid - Dennis Davis

Initial Absa report gave no clarity on how money would be repaid - Dennis Davis

M&G reported on leaked Public Protector's report which found Absa must pay apartheid era R2.2 billion bank bailout to the fiscus.

Popular articles
South Africa can have cheap electricity, forever! – former Eskom engineer

South Africa can have cheap electricity, forever! – former Eskom engineer

The Money Show’s Bruce Whitfield interviews Dr Tobias Bischof-Niemz, CEO at ENERTRAG South Africa.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Buying a used car? New app sends mechanic to inspect it before you decide

Buying a used car? New app sends mechanic to inspect it before you decide

Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.

What are the rules and regulations when it comes to owning a generator?

What are the rules and regulations when it comes to owning a generator?

A listener on the Afternoon Drive has shared his frustrations with a neighbor's noisy generator and the health risks it posed.

SA second most stressed nation in the world - Here's what you can do about it

SA second most stressed nation in the world - Here's what you can do about it

Health and Performance Educator and Consultant, Richard Sutton discusses methods for de-stressing.

[LISTEN] The concept behind The Leonardo - Sandton's new skyscraper

[LISTEN] The concept behind The Leonardo - Sandton's new skyscraper

The Leonardo in Sandton may become the tallest building in Africa.

'I want the world to know that Mandla was using my daughter for his own gain'

'I want the world to know that Mandla was using my daughter for his own gain'

Reverend Mbongeni Simelane says it has been a difficult time for his family after the abuse of Bongekile 'Babes Wodumo' surfaced.