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BREAKING: SARB files urgent court application against Public Protector

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SARB governor Lesetja Kganyago. (File, Bloomberg)
SARB governor Lesetja Kganyago. (File, Bloomberg)

Johannesburg - Reserve Bank Governor Lesetja Kganyago has filed an urgent application to the North Gauteng High Court to set aside the remedial action proposed by the Public Protector concerning the Bankorp bailout during the apartheid era. 

In a report Public Protector Busisiwe Mkhwebane indicated the mandate of the bank be changed.

She ordered the Portfolio Committee on Justice and Correctional Services initiate a process to change the Constitution “in pursuit of improving socio-economic conditions of the citizens of the republic”. She also recommended they amend a paragraph in the Constitution that removes reference to “protect the value of the currency”, Fin24 reported. 

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