Parliament considering Mkhwebane's Absa report

2017-06-20 20:20
Public Protector Busisiwe Mkhwebane. (Sandile Ndlovu, Gallo Images, Sowetan)

Public Protector Busisiwe Mkhwebane. (Sandile Ndlovu, Gallo Images, Sowetan)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cape Town - Parliament says it has received and is considering Public Protector Busisiwe Mkhwebane's report recommending the institution consider amending the constitutional clause that seeks to protect the rand.

Mkhwebane on Monday announced findings of her office's investigation into the South African Reserve Bank's assistance to Bankorp between 1985 and 1995, which Absa bought in 1992.

She wants Absa to repay R1.125bn, a move the bank refutes as it believes it has paid all money owed.

She also recommended Parliament consider a change in currency laws by taking out the Constitution and SARB's mandate to protect the currency from inflation.

In a very brief statement, Parliament spokesperson Molotho Mothapo on Tuesday said the institution had received the report on alleged failure to recover misappropriated funds.

"The report, amongst others, directs the chairperson of the National Assembly's portfolio committee on justice and correctional services to initiate a process that will result in the amendment of section 224 of the Constitution, in pursuit of improving socio-economic conditions of the citizens of the Republic.

"Parliament will consider the report through its usual internal processes and determine an appropriate course of action."

Warning

Former South African Reserve Bank governor Tito Mboweni meanwhile, warned Mkhwebane on Tuesday not to interfere in the independence of the bank.

One of the central tasks of SARB "is to protect the stability of the banking and financial system of the economies in which they operate", Mboweni posted on his Facebook profile on Tuesday.

He said that to fulfil this mandate, central banks have to assess the negative impact of bank failures.

"This is a huge responsibility which must be approached with extreme care," he said. "Political considerations have to be considered, yes, but they must not be above all else."

The SARB announced on Tuesday that it is obtaining an urgent legal review of what it believes is unlawful action by Mkhwebane while the Democratic Alliance will also seek a meeting with Parliament's legal adviser to confirm the call was unlawful.

"Clearly, her recommendation goes beyond what she is legally empowered to do and is indicative of her long-term plan to render the Public Protector's office ineffective," DA legal commission chairperson Glynnis Breytenbach said.

The effect of the "remedial action" appeared "sinister and a cause for great concern", and the party would be watching the developments, she added.

Read more on:    public protector  |  parliament  |  busisiwe mkhwebane  |  cape town  |  politics

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
ADVERTORIAL
Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.

/News
 

Man scores date with tennis superstar after Twitter bet

It’s a modern day Cinderella story, but one American man took ‘shoot your shot’ seriously in 2017.

 
 

You won't want to miss...

6 myths about male cancer
Who are the highest paid models of 2017?
10 gorgeous plus-sized models who aren't Ashley Graham
5 top leg exercises for men
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.