The  ABSA looting report has given the ANC led government another reason to nationalise the Reserve Bank

17 January 2017

COSATU has noted the leaked preliminary Public Protector report on the ABSA involvement in Apartheid bail out from 1985 to 1995. There is need for a commission of inquiry to get to the bottom of this matter ,and to investigate other illegal transactions that may have occurred prior to the 1994 elections and during the government of national unity. The allegations that the government might have overlooked recovering the monies from ABSA are troubling.

This report raises the role of SARB in facilitating the siphoning of money by the private sector and thereby prejudicing the public purse. This matter raises the question of the independence of the Reserve Bank. We need to nationalise Reserve Bank, because it seems like it is hiding the rot and insulating banks from scrutiny.

South Africa is based on the rule of law and with hindsight the money should have been recovered. The Treasury and banks have to comply with constitution and to protect the fiscus from greedy bankers.  We reiterate our call that the independence of the Reserve bank should be revisited.

Issued by Sizwe Pamla, National Spokesperson, COSATU, 17 January 2017