Barclays Africa must repay 1.1 bln rand over bailouts


Reuters

PRETORIA, June 19 (Reuters) - Barclays Africa Group <BGAJ.J>
unduly benefited from apartheid-era bailouts and must repay 1.1
billion rand ($86 million), South Africa's anti-graft watchdog
said on Monday.
    Public Protector Busisiwe Mkhwebane in January reopened a
probe of Barclays South Africa following a wider report
published last November by her predecessor.
[nL5N1F30M1][nL8N1D31UX]
    She said on Monday that the probe had found that the
apartheid government breached the constitution by supplying
Bankorp, which was acquired by Barclays Africa unit Absa in
1992, with a series of bailouts from 1986 to 1995.
    Barclays Africa would have to pay 1.1 billion rand ($86
million), Mkhwebane said, adding that her office had referred
the matter to the Special Investigating Unit to help recover the
money.
    Barclays Africa said it planned to issue a statement.
    ($1 = 12.7941 rand)

 (Reporting by Dinky Mkhize; writing by Ed Stoddard and Tiisetso
Motsoeneng; editing by James Macharia and Jason Neely)
 ((Edward.Stoddard@thomsonreuters.com; +27 11 775 3160; Reuters
Messaging: edward.stoddard.thomsonreuters.com@reuters.net))

Keywords: SAFRICA ZUMA/BARCLAYS GROUP



This article appears in: World Markets , Stocks , Economy , Banking and Loans , Technology
Referenced Symbols: BGAJ


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