Statement on Public Protectors Provisional Report
13 JANUARY 2017
Absa is in receipt of and notes the Public Protector’s Provisional Report. As this is a confidential provisional document released to a limited number of parties for comment and further input, it may change materially following further submissions.
We have fully cooperated with the Public Protector’s investigation since it began and we will continue to do so.
Following an interview with senior executives of Absa in June 2016, the Public Protector accepted our written offer for her to inspect confidential documents in our possession that are very pertinent to the successful finalisation of the investigation. The Public Protector accepted this offer in writing but never actually took it up. This offer remains open.
These documents pertain to, among others, due diligence performed by Absa prior to acquiring Bankorp. Bankorp started receiving SA Reserve Bank assistance in 1985. Absa acquired Bankorp in April 1992 at fair value. All the obligations pertaining to the SA Reserve Bank’s assistance were discharged in full by October 1995.