Absa: Public Protector’s report on Bankorp matter is irrational

21 Jun 2017

Absa Bank has is to challenge in court the Public Protector’s report on the Bankorp bailout due to what it calls numerous misrepresentations and irrational and unreasonable legal conclusions.

Here follows Absa’s statement

The Public Protector released a final report on Monday (“the report”) regarding her investigation into the assistance provided by the South African Reserve Bank to Bankorp between 1985 and 1995. Bankorp was
acquired by Absa in 1992.

Barclays Africa and Absa Bank shareholders are advised that Absa has decided to approach the High Court in order to have the report reviewed and set aside. This is due to numerous misrepresentations and factual inaccuracies which form the basis of the Public Protector’s findings, and what we submit are the irrational and unreasonable legal conclusions in the report. The misconceptions and inaccuracies in the report are profound and damaging to Absa’s reputation.

We have accordingly instructed our lawyers to immediately prepare an application to the High Court to have the report and its remedial actions set aside.

We deny that Absa received R1,125bn by way of unlawful assistance and we firmly maintain our position that all of Absa’s obligations to the South African Reserve Bank were met in full by October 1995.

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