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Kganyago: Sarb not under fire for old Absa deal

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SARB governor Lesetja Kganyago
SARB governor Lesetja Kganyago

Cape Town - The SA Reserve Bank (Sarb) does not feel under fire and will not be commenting on the detail of the leaked preliminary report by Public Protector Busisiwe Mkhwebane that recommends Absa pays back R2.25bn it received as part of an unlawful apartheid-era bailout.

Sarb governor Lesetja Kganyago told Biznews's Alec Hogg in an interview in Davos that, from Sarb's reading of the report, there are factual errors which can easily be corrected if the Public Protector had paid attention to particular documents. Sarb intends to point her to these documents.

The R2.25bn pertains to the bank's acquisition of Bankorp in 1992. Bankorp started receiving assistance from Sarb in 1985. Sarb, National Treasury and the Presidency are implicated in the preliminary report. In a statement, Absa has since indicated that all obligations to the Sarb had been discharged in full by October 1995.

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