Sarb says studying watchdog's report that rattled currency

Sarb says studying watchdog's report that rattled currency

Sarb says studying watchdog's report that rattled currency

Public Protector Busisiwe Mkhwebane in January reopened a probe of Absa, a unit of Barclays Africa, following a wider report published last November by her predecessor.

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.

The government "improperly failed" to implement the Ciex report after commissioning and paying for it.

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"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", she further said. It is our firm position that there is no obligation to pay anything to the SA government.

"The South African Reserve Bank (Sarb) is still studying the Public Protector's report on the loan granted to Bankorp and will thereafter announce its response to the findings and remedial actions", the bank said in a statement.

In December Zuma, who has denied wrongdoing and faced down calls for his resignation over a series of scandals that have plagued his administration, asked the High Court to set the report aside.

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Absa received R1.25-billion from the apartheid government.

The SIU now has the task of investigating the bailout and recovering public funds paid to Absa.

Sections in the Constitution on the Reserve Bank must be changed to say its primary objective is to "promote balanced and sustainable economic growth" and to ensure citizens' "socio-economic well-being" is protected. CIEX Limited was paid 600,000 British Pounds for services which were never used by the South African government.

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These allegations point to improper or dishonest acts or offences with respect to public funds at the state-owned enterprises as well as well as improper or unlawful enrichment by certain public officials at these institutions.

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