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Investors on high alert after Public Protector bombshell

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(iStock)
(iStock)

Cape Town - Against a fresh wave of political and policy uncertainty which also triggered a heap of rating downgrades, the recent statements by Public Protector Busisiwe Mkhwebane will not be taken lightly by markets and investors.

This is the view expressed by Gina Schoeman, South Africa economist of global bank Citi, on Tuesday. She commented on a report Mkhwebane presented on Monday. Mkhwebane announced her findings after an investigation into SARB’s assistance to Bankorp - which Absa bought in 1992 - between 1985 and 1995. She wants Absa to repay R1.125bn, but the bank is adamant that it does not owe the SA government anything.

Mkhwebane also recommended that the Portfolio Committee on Justice and Correctional Services change the Constitution to read "the primary object of the SARB is to promote balanced and sustainable economic growth in the Republic, while ensuring that the socio-economic well-being of the citizens are protected".

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