Rand weakens after public protector calls for Bank to ditch currency protection

Rand weakens after public protector calls for Bank to ditch currency protection

Rand weakens after public protector calls for Bank to ditch currency protection

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

On Monday she told a news conference her office would oppose Zuma's application to have the report set aside.

At the same event, Mkhwebane said she will oppose a bid by President Jacob Zuma to have a report on claims of influence-peddling by him and his government set aside, Public Protector Busisiwe Mkhwebane said on Monday.

"The allegation whether the South African government improperly failed to implement the CIEX report ... after commissioning and duly paying for same is substantiated".

"We also think that it is possible that the public protector has overstepped her powers in instructing Parliament to change the constitution and, therefore, her report is likely to face judicial review", Borain and Schultz said.

"Absa did not make a provision in its accounts for the repayment of the interest on the SARB loan to Bankorp because no such liability to repay interest existed", they said.

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"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 Sunday Times reported that she had sat on at least four separate investigative reports involving the Gupta family since she took up office eight months ago.

She wants the Constitution to be amended to ensure that the mandate of the Bank promotes economic growth and not only protects the value of the rand exchange rate.

Section 224 deals with the primary object of the South African Reserve Bank.

These allegations point to improper or dishonest acts or offences with respect to public funds at the state-owned enterprises as well as well as improper or unlawful enrichment by certain public officials at these institutions.

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