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Barclays Africa must repay R1.1bn over bailouts

Matter referred to Special Investigating Unit.

PRETORIA – Barclays Africa Group unduly benefited from apartheid-era bailouts and must repay R1.1 billion, South Africa’s anti-graft watchdog said on Monday.

Public Protector Busisiwe Mkhwebane in January reopened a probe of Barclays South Africa following a wider report published last November by her predecessor.

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.

Barclays Africa would have to pay R1.1 billion, Mkhwebane said, adding that her office had referred the matter to the Special Investigating Unit to help recover the money.

Barclays Africa said it planned to issue a statement.

($1 = R12.7941)

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I wonder, madam PP, if you are going to also recommend that SAA, SABC, Eskom, Denel, etc, should also repay their bailouts.
I doubt that you will.

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