HSF legal counsellor, Anton van Dalen, in a brief issued by the Helen Suzman Foundation, set out how, in light of current controversies surrounding Public Protector Busisiwereports on the SARS “rogue unit” and the pension payout of former SARS Deputy Commissioner Ivan Pillay, a judgment by the court would clarify matters relating to the alleged competency and/or bias of the PP.
The SARB had acted within the framework of its general duty to ensure confidence in the banking system, to protect depositors and to avoid contagion. The proceeds of the loan were to be invested with the SARB or in Government Bonds and would earn 16% interest, but only 1% interest was to be paid to the SARB.
In 1992, Absa Bank took over the assets and liabilities of Bankorp and replaced Bankorp in the agreements with the SARB. The agreement terminated in 1995, with the principal of R1.5-billion being repaid. The panel found that the price that Absa had paid in its acquisition of Bankorp included the value of the Reserve Bank’s assistance and that it was therefore not unjustly enriched.
Further remedial action in the PP’s report related to an instruction to the SIU to “recover misappropriated public funds unlawfully given to Absa Bank in the amount of R1.125-billion” and that the SARB should assist the SIU to recover these funds.
MarianneThamm Not sure how many cases the ConCourt is busy with? but surely this is taking way tooooo long.
MarianneThamm
MarianneThamm Lol by who? Trash
MarianneThamm Pravin's zombies are busy yho. I'm sure there's a slush fund financing this madness. People be working too hard
MarianneThamm Fightback is on..
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