A short history of the uncovering of the Absa/Bankorp ‘lifeboat’ scandal

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

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