IFAISA: Absa should pay back the over R1 billion bailout

At 4.08pm the benchmark R186 bond was bid at 8.55%, from 8.47% on Thursday, as the rand weakened as much as 2% to the dollar after Public Protector Busisiwe Mkhwebane recommended changes to the mandate of the Reserve Bank.

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

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.

"The findings of her report agrees with our views".

It is unclear why she deviated into monetary policy as she delivered her findings against Barclays Africa, a tangent that Nomura emerging markets economist Peter Attard Montalto described as touching "Pandora's Box".

South Africa's graft ombudsman said she will oppose a lawsuit filed by President Jacob Zuma aimed at overturning a report drafted by her predecessor that indicated he may have breached the government's code of ethics in his dealings with members of the Gupta family.

Mkhwebane made the comments at a briefing in which she also ordered a re-opening of investigations into apartheid-era transactions between the state and Absa Bank.

"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. "It is our firm position that there is no obligation to pay anything to the South African government", Absa said.

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. Once we have read it we will consider our legal options including seeking a High Court review.

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