The African National Congress Youth League has slammed Absa in the wake of a leaked Public Protector report recommending the bank repay an apartheid-era bailout sum.
According to various reports, the bank may be liable to pay a whopping R2,2-billion to government, as a result of its acquisition of Bankorp, an apartheid-era bank that was bailed out by the Reserve Bank, arguably at the expense of black South Africans.
“This criminality must never go unpunished because it is what feeds White Monopoly Capital,” says the League. “We call on the Public Protector to speedily issue the report with remedial actions which are binding as per the constitutional court judgment.”
The ANCYL plans to hold demonstrations at various Absa branches on Thursday, mobilising “thousands” of young South Africans.
Furthermore, the League is calling on all young South Africans to call in to Absa’s call centre to ask when the money will be paid back.
The organisation has further suggested that ratings agency Moody’s is “holding South Africa on the barrel of a gun”, potentially issuing fraudulent ratings.
The sensational claim has been accompanied by suggestions that Barclays and Goldman Sachs colluded to destroy the rand in 2016, a move the ANCYL says has been ‘protected’ by the National Treasury.
Regardless of the radical allegations, the League will this week focus on drawing an answer out of Absa, in a bid to ‘hold financial corporates accountable’.