Absa's Ramos: We have no reason not to trust the public protector

Johannesburg – Absa CEO Maria Ramos said that although it is unfortunate the public protector’s preliminary report was leaked, the bank still respects the institution.

In an interview with Eye Witness News (EWN) journalist Stephen Grootes, in Davos at the World Economic Forum (WEF), Ramos shared Absa’s views on the leaked report. Ramos is among other South African business leaders and government officials attending WEF.

“We have no reason not to trust the public protector,” said Ramos.

A report by the Mail & Guardian last week revealed that Public Protector Busisiwe Mkhwebane’s prelimenary report investigating Bankorp’s apartheid era bailout. Absa, which acquired Bankorp may have to pay R1.25bn for outstanding interest.

“This is a provisional report. We as Absa believe there are both factual and legal inaccuracies in this report and we will have an opportunity to deal with those when we meet with the public protector,” Ramos told EWN.

In a statement Absa said that it was “regrettable” the report was leaked. The bank also criticised the report for not taking into account the report by the Davis panel of experts in 2000 commissioned by former Sarb governor Tito Mboweni, which says Absa does not owe any more money.

READ: Absa report: Rupert calls it fiction, Stals misquoted

“I think we have said as much in the press statement we put out that it is unfortunate the provisional report of the public protector has been leaked,” reiterated Ramos. “But we have engaged with the public protector and we have an opportunity to go back to the public protector.”

Ramos said that the bank had cooperated with the public protector and will continue to do so. In response the public protector’s statement that the preliminary report was sent out in error, Ramos added that the bank takes the public protector “at her word”.

“We have not yet engaged with her on that,” she said.

Fin24 previously spoke to former Reserve Bank governor Dr Christian Stals, who said that Absa is not liable for any outstanding payments.

ALSO READ: Stals opens up on Bankorp bailout

Stals served as Reserve Bank governor between 1989 and 1999 and was director-general of the Department of Finance between 1985 and 1989.

“I have said and I still confirm this – both Bankorp and Absa paid the interest that was due to the Reserve Bank regularly. The final or capital sum of the loan was paid by Absa by October 1995. So as far as I am concerned, Bankorp and Absa stuck to the basic requirement of the agreement,” said Stals.