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ANA reports that Cosatu on Tuesday called on government to nationalise the South African Reserve Bank (Sarb).
The labour federation was responding to a leaked preliminary report by the Public Protector, Advocate Busisiwe Mkhwebane, on the involvement of banking group Absa in an apartheid bail out from 1985 to 1995. Absa has defended itself against the allegations made in the report. In a statement, Cosatu said there was need for a Commission of Inquiry to get to the bottom of the matter. The federation went on to state: “This report raises the role of Sarb in facilitating the siphoning of money by the private sector and thereby prejudicing the public purse. This matter raises the question of the independence of the Reserve Bank. We need to nationalise [the] Reserve Bank, because it seems like it is hiding the rot and insulating banks from scrutiny." On Monday, Sarb governor Lesetja Kganyago said he was studying the Public Protector's report into Absa and had already found inaccuracies in it. He said he would give extensive feedback later this week.
- Read this report by Siphelele Dludla in full at Business Report
- Read Cosatu’s statement in this regard at Cosatu Today
Get other news reports at the SA Labour News home page