Incorporated in the Republic of South Africa Registration number: 1986/003934/06
ISIN: ZAE000174124
JSE share code: BGA
("Barclays Africa" or "the Group")
ABSA BANK LIMITEDAuthorised financial services and registered credit provider (NCRCP7) Incorporated in the Republic of South Africa
Registration number: 1986/004794/06 JSE share code: ABSP
ISIN: ZAE000079810
("Absa Bank")
RESPONSE TO PUBLIC PROTECTOR'S FINAL REPORTThe Public Protector released a final report on Monday ("the report") regarding her investigation into the assistance provided by the South African Reserve Bank to Bankorp between 1985 and 1995. Bankorp was acquired by Absa in 1992.
Barclays Africa and Absa Bank shareholders are advised that Absa has decided to approach the High Court in order to have the report reviewed and set aside. This is due to numerous misrepresentations and factual inaccuracies which form the basis of the Public Protector's findings, and what we submit are the irrational and unreasonable legal conclusions in the report. The misconceptions and inaccuracies in the report are profound and damaging to Absa's reputation.
We have accordingly instructed our lawyers to immediately prepare an application to the High Court to have the report and its remedial actions set aside.
We deny that Absa received R1,125bn by way of unlawful assistance and we firmly maintain our position that all of Absa's obligations to the South African Reserve Bank were met in full by October 1995.
We will update shareholders on this matter as appropriate.
Johannesburg 21 June 2017
Enquiries:Alan Hartdegen (+2711) 350-2598
E-mail:Alan.Hartdegen@barclaysafrica.com
Lead Independent Sponsor:J.P. Morgan Equities South Africa Proprietary Limited
Joint Sponsor:Corporate and Investment Bank - a division of Absa Bank Limited
Barclays Africa Group Limited published this content on 22 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 June 2017 09:14:04 UTC.
Original documenthttps://www.barclaysafrica.com/content/dam/barclays-africa/bagl/pdf/sens/2017/jan-jun/Barclays%20Africa%20Group%20-%20Response%20to%20Public%20Protector%20-%20final.pdf
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