Public Protector won't oppose SARB court application
Public protector Busisiwe Mkhwebane will not oppose the South African Reserve Bank's (SARB) court application to have the recommendations in her latest report reviewed and set aside.
Mkhwebane instructed Parliament to amend the Constitution in terms of the Reserve Bank's mandate.
She was informed that the wording of her recommendations suggested the remedial action was mandatory whereas she meant to merely "recommend a review of the constitutional mandate of the central bank".
Last month, she released her latest report on the apartheid-era bailout given to Absa's predecessor Bankorp.
She found both the Reserve Bank and government failed to recover the R1.12billion lifeboat.
Following the release of the report, the SARB instituted an urgent High Court application to review and set aside paragraph 7.2 of the report which deals with the proposed amendment of its constitutional mandate.
Mkhwebane has since filed her answering affidavit.
Public Protector won’t challenge Sarb in court over mandate by Laila Majiet on Scribd
Mkhwebane's decision not to oppose the review follows legal advice she received from senior counsel.
"After having considered legal advice from senior counsel, the advice which she accepted, the Public Protector decided not to oppose the South African Reserve Bank's application," the Public Protector's office said in a statement.
The Speaker of Parliament, the Finance Minister and Absa have approached the court seeking similar relief.