IFAISA: Absa should pay back the over R1 billion bailout

Mkhwebane gave notice five months ago that she would indeed oppose Zuma's ongoing legal challenge, saying the reason for this was to comply with court rules.

Mkhwebane said the changes in the final report were made as a result of responses from parties who were implicated in the report - including the treasury, the presidency, the Reserve Bank and Absa.

"We will continue to honour our constitutional mandate and the trust placed in us by the South African society".

"I see the SARB leadership strongly and resolutely defending their independence and existing mandate including via court action if necessary", he said.

In her findings on the report by Ciex, a covert asset recovery agency in the United Kingdom, Mkhwebane said the conduct of the Reserve Bank and the government regarding the Absa bailout, which included a number of banks in the Bankorp group receiving unlawful funds during the apartheid era, were inconsistent with various sections of the Constitution.

She said on Monday that the probe had found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Absa in 1992, with a series of bailouts from 1985 to 1995.

The Presidency announced at the end of previous year that Jacob Zuma would be taking former Public Protector Thuli Madonsela's state capture report on review.

I am opposing the review by the President, including the Minister Zwane and Minister van Rooyen's applications because remember, they've also applied for judicial review to set aside the whole report.

At the same event, Mkhwebane said she will oppose a bid by President Jacob Zuma to have a report on claims of influence-peddling by him and his government set aside, Public Protector Busisiwe Mkhwebane said on Monday. It is our firm position that there is no obligation to pay anything to the SA government.

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