Reserve Bank wins court bid against Public Protector
Public Protector Busisiwe Mkhwebane’s remedial action to change the Reserve Bank’s mandate was set aside at the Pretoria High Court on Tuesday.
Mkhwebane had recommended that the Constitution be amended to change the mandate of the South African Reserve Bank.
This was contained in a report that followed her investigation into an apartheid-era bailout by the regulator of Bankorp‚ which Absa bought in 1992.
She also ordered Absa to repay R1.12 billion.
The Reserve Bank took the remedial action concerning its mandate on review in the high court.
The public protector did not oppose the Reserve Bank's application when it was heard earlier this month.
However‚ the court has to be approached to set aside the remedial action‚ following an earlier ruling by the Supreme Court of Appeal that the remedial action by the Public Protector remains binding and valid until set aside by a court of law.
In the judgment on Tuesday‚ Judge John Murphy also ordered the Public Protector to pay the costs of the application.