Absa decries leak of public protector report on apartheid billions

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Absa. (Duncan Alfreds, Fin24)
Absa. (Duncan Alfreds, Fin24)

Cape Town – Absa said a preliminary report by Public Protector Busisiwe Mkhwebane that recommends the bank pay back R2.25bn it received as part of an unlawful apartheid-era bailout is “regrettable”.

The bank said that the Davis Panel of experts appointed by former South African Reserve Bank (Sarb) governor Tito Mboweni in 2000 found that Absa’s shareholders did not derive any undue benefit from the Sarb’s intervention, and as such no claim of restitution could be pursued against Absa.

“It must be noted that the matters and events under investigation occurred during the period 1985 to 1995, 21 to 31 years ago,” the bank said in a statement.

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