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Absa to challenge Public Protector’s remedial action in Court

Amalgamated Banks of South Africa (Absa) says it will challenge the Public Protector’s remedial action in her Findings of R1.12 billion bailout given to failed bank Bankorp.

Absa to challenge Public Protector’s remedial action in Court

This follows Monday reports of the Public Protector Busisiwe Mkhebane’s findings of R1.22 billion bailout given to failed bank Bankorp by the South African Reserve Bank before it becomes part of Absa Bank.

Absa says the misconceptions and inaccuracies in the report are profound and damaging to Absa’s reputation.

The Bank issued a statement says it has instructed its legal representatives to prepare an application to the High Court to have the review over reports’ finding and The Public Protector’s  remedial action.

“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”.

Absa added that it will maintain its relationship with South African Reserve Bank.

“We firmly maintain our position supported by uncontroverted evidence that Absa met all its obligations to the SA Reserve Bank in full by October 1995”.

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