Absa to officially challenge public protector’s report
Absa has confirmed that it will challenge the finding by public protector Busisiwe Mkhwebane, stating that the South African government is allowed to recover R1.125 billion in “misappropriated public funds” from the bank.
The bank claims that the report was based on numerous misrepresentations and factual inaccuracies – resulting in a finding which was based on irrational and unreasonable legal conclusions.
“The misconceptions and inaccuracies in the report are profound and damaging to Absa’s reputation,” said the bank in a statement.
“We have instructed our lawyers to immediately prepare an application to the High Court to have the report’s findings and its remedial actions (including the remedial action concerning the intervention of the Special Investigative Unit and the amendment of the Constitution) reviewed and set aside.”
“We firmly maintain our position – supported by the uncontroverted evidence – that Absa met all its obligations to the South African Reserve Bank in full by October 1995.”
The bank also noted that the public protector was not empowered to make Constitutional amendments and that the proposed amendments would pose a serious risk to the financial system.
Read: Public Protector’s call to change the Constitution is unlawful: SARB
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