Monday, 11 December, 2017

South African watchdog comments on central bank rattle rand

Busisiwe Mkhwebane Twitter- The Public Protector's Office
Clarence Schmidt | 20 June, 2017, 01:44

The findings Mkhwebane released differ vastly from a preliminary report that the public protector's office compiled last year, and which the Mail & Guardian reported on in January this year.

The DA states that Mkhwebane has yet to deliver investigation reports based on complaints laid against the Gupta family almost a year ago and that this silence has led to serious doubts surrounding her objectivity and neutrality. Comrades who were in government when the CIEX report came out where defensive when it came to this matter.

Mkhwebane says the funds where unlawfully given to Bankorp by the Reserve Bank.

Mkhwebane said her investigation 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. We have not yet received a copy of the report and we are urgently requesting the Public Protector's Office to send it to us.

"Therefore, on receiving the responses of all those who were implicated. that's why the report is totally changed from what was originally leaked to the media", Mkhwebane said.

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

The requirements for a constitutional change that would shift the Reserve Bank's mandate from protecting the value of the rand in favour of the socio-economic wellbeing of citizens was unlikely‚ Nomura's emerging-markets investment economist Peter Attard Montalto said.

"The conduct of the South African government and the South African Reserve Bank goes against the ethos laid out in the preamble of the Constitution and section 195 of the Constitution in respect of redressing social injustices and promoting efficiency". CIEX Limited was paid 600,000 British Pounds for services which were never used by the South African government.

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