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Absa to challenge Public Protector

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Absa says Advocate Busisiwe Mkhwebane’s report is riddled with misconceptions and inaccuracies.

The bank is taking it back to the High Court for review, saying her remedial action should be set aside.

Officials say the report makes irrational and unreasonable legal conclusions, which have damaged the bank’s reputation.

Mkhwebane recommended that Absa pay over a billion rand in interest from a loan to its predecessor, Bankorp.

The bank says it doesn’t owe anything, as it’s met all its obligations to the Reserve Bank.

“The office of the Public Protector appears to have either effectively ignored or misunderstood Absa’s detailed submissions, which were made to it on two occasions. A copy of our February 2017 submission has been released to the public,” the statement read.

She’s also called for Constitutional amendments, suggesting the nationalisation of banks.

“We are advised that the Public Protector Act does not empower the Public Protector to direct that constitutional amendments be made. Her recommended amendments pose a very serious risk to the financial system and they cannot be allowed to stand,” Absa said.

[Source: ENCA]
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