CIEX chair defends company's reputation in claims surrounding PP's report

CIEX founder Michael Oatley clears the air with Xolani Gwala.

He has responded to what he describes as a 'disingenuous' Facebook post by former Reserve Bank governor Tito Mboweni regarding the Bankorp/Absa investigation.

Last week, Mboweni commented on the Public Protector's findings that Absa should repay over a billion rand received as a bailout.

In the post, Mboweni suggesting the African National Congress was approached by Oatley with documents showing that Absa was liable to pay back about R1.5billion with interest, and that in return, Oatley would receive 10% as a fee for helping retrieve the stolen monies.

He says a special team of experts was previously hired to probe the matter and it had been concluded.

Oatley says CIEX did a rather good job and that the attack on him and the company is unwarranted.

In fact, they didn't reject my offer. They employed me over a period of months in what was a very firm agreement which was in due course to be extended to other inquires apart from Absa.

Michael Oatley, CIEX founder

He refers to a suggestion of racial condescension which I think unpleasant. The suggestion is that he is dismissive about our work. The fact of the matter is, it was a highly professional forensic inquiry engaged by the government, working closely with government officials over a number of months.

Michael Oatley, CIEX founder

The results were presented at two meetings of cabinet ministers at which nobody questioned the value of what was being done, he adds.

I would like that impression to be more widely understood rather than people having a go at the Public Protector by suggesting that she was led by sloppy and prejudiced work by my firm.

Michael Oatley, CIEX founder

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

ALSO READ: Absa: Public Protector has not explained her different findings to Davis panel

Oatley says Absa had agreed to pay the money over a period of four years.

The Board of Absa, according to information which we received from within the bank, expected Justice Heath to ask them to repay and they made provision to do within a four-year period.

Michael Oatley, CIEX founder

As for Judge Dennis Davis, Oatley has this to say:

I am not able to follow the application of his argument in this present day system and it is not my concern to suggest what should or shouldn't be done in following the Public Protector's report. My concern is simply to represent the reputation of my company and myself.

Michael Oatley, CIEX founder

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


702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Zola Tsotsi and Brian Molefe to answer to Parly state capture probe

Zola Tsotsi and Brian Molefe to answer to Parly state capture probe

Karima Brown says if they don't appear, this will raise more questions and they could be subpoenaed.

JUST IN: Tendai Biti to speak at The Gathering

JUST IN: Tendai Biti to speak at The Gathering

Editor-in-Chief Katy Katopodis confirmed that the former Zim Finance Minister is in the line-up of speakers.

Makhosi Khoza 'taken aback' by Mkhwebane's Absa findings

Makhosi Khoza 'taken aback' by Mkhwebane's Absa findings

Stephen Grootes asks Khoza why Busisiwe Mkhwebane was deemed the perfect fit for Public Protector and her views on recent events.

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

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

The Money Show’s Bruce Whitfield interviews Noseweek Editor Martin Welz, the man who broke the story back in the mid-90s.

Advocate Paul Hoffman explains the history of CIEX report and its relevance

Advocate Paul Hoffman explains the history of CIEX report and its relevance

Advocate Paul Hoffman on the history of the findings of the Public Protector that Absa must pay back the apartheid-era bailout.

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

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

The Public Protector has found that government and SARB failed to recover funds paid to Bankorp/ABSA.

Popular articles
8 things you may not know about Jacques Pauw

8 things you may not know about Jacques Pauw

We thought we'd let you in on some facts about sought after, award-winning journo Jacques Pauw, author of The President's Keepers.

UCT students invent effective shower water-capturing device

UCT students invent effective shower water-capturing device

Shower Savvy is a Jerry can look-alike that one can stand on while taking a shower which stores up to 10 litres of grey water.

The President's Keepers: PDF version is tantamount to theft - Exclusive Books

The President's Keepers: PDF version is tantamount to theft - Exclusive Books

A PDF version of the book has been doing the rounds since Sars and the State Security Agency threatened legal action.

Falling out of love? Signs and stages of romantic disengagement

Falling out of love? Signs and stages of romantic disengagement

Can you love your partner, but no longer be in love with them? Dr Eve unravels stages of disaffection in romantic relationships.

Celibacy liberated me - Amanda Ndiki

Celibacy liberated me - Amanda Ndiki

Author Amanda Ndiki, celibate for 6 years describes her journey and how celibacy helped mend her sense of self.

Investing in increasingly wealthy Mauritius (Africa’s most functional democracy)

Investing in increasingly wealthy Mauritius (Africa’s most functional democracy)

Bruce Whitfield interviews Nikiwe Bikitsha, who is on a fact-finding mission in Mauritius courtesy of Standard Bank.

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.

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...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?