Bonds lose ground in line with jittery rand after public protector's statement
- Author: Douglas Reid Jun 20, 2017,
Jun 20, 2017, 0:10
Mkhwebane released the Ciex report, along with three other reports on various spheres of government, on Monday during a press briefing.
She specifically asked for the removal from the constitution of the phrase "to protect the value of the currency" that has been central to South African monetary policy since the end of white-minority rule in 1994.
Mkhwebane said: "Yes we will be opposing the judicial review application".
Mkhwebane was delivering her findings against Barclays Africa, and it was unclear why deviated into monetary policy.
Nevertheless, he said, any changes to the central bank's mandate were unlikely to happen in the short to medium run given the legal resistance the SARB was likely to mount.
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In her findings on the report by Ciex, a covert asset recovery agency in the United Kingdom, Mkhwebane said the conduct of the Reserve Bank and the government regarding the Absa bailout, which included a number of banks in the Bankorp group receiving unlawful funds during the apartheid era, were inconsistent with various sections of the Constitution.
She said on Monday that the probe had found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Barclays Africa unit Absa in 1992, with a series of bailouts from 1986 to 1995.
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. Zuma and the Guptas denied wrongdoing. Zuma said he wasn't given enough opportunity to respond to the report prior to its publication, and that only he had the right to appoint judicial commissions.
In December, the president lodged an application at the High Court in Pretoria to review and set aside the remedial action in the State of Capture report.
The NGO says the bailout was illegal and there was evidence of maladministration by the new South African government.