One of the key remedial actions in Public Protector Advocate Busisiwe Mkwhebane’s final report into CIEX:
- Reopen and amend Proclamation R47 of 1998 published in the Government Gazette dated May 1998 in order in order to investigate alleged misappropriated public funds given to various institutions mentioned in the CIEX Ltd. is that the all the companies mentioned in the Ciex
- R3.2 billion from Absa
- R3 – R6billion from Sanlam and Rembrandt
- In 1992 Absa bought the lifeboat-enhanced Bankorp from Sanlam for Absa shares for a price of R1.1 billion. In his statement in November 1999, Judge Heath states: “The value of the “Lifeboat” was taken into account in determining the purchase price of the shares in Bankorp. The entire price paid by Sanlam of R1.1 billion for Bankorp equated to the value of the lifeboat. It was the taxpayer – not Sanlam – who was the effective owner of Bankorp”. The value of the Sanlam’s holding in ABSA has today quadrupled to R3.8bn, CIEX wrote then (1998 or so). The entire enhancement could be claimed by government on behalf of taxpayers.
- Upto R5.5billion from Aerospatiale/ Daimler Chrysler
- Armscor payments to Luxembourg accounts, managed through the Paris Embassy estimated at R14.4billion
- Nedbank Lifeboat R100m. SARB secretly gave Nedbank R100m to cover the bank’s losses from unprotected lending to Louis Luyt
- Trust Bank (part of ABSA today) frauds from 1986 to 1992. From 1986 to 1992 Trust Bank was secretly authorised by the SARB to export $300m per annum to the Cayman Islands to “facilitate strategic purchases”. The funds were not used for that purpose but for a disguised Rand “round-tripping operation
- Procurement Fraud in the US. Between 1987 and 1993, South African officials and US suppliers collaborated to defraud government by ordering large items of expensive equipment which were paid for but not delivered
- Bond Issues: The SARB is believed to have issued undisclosed tranches of bond issues to Absa in dollar denominations.
- The stock numbers are: RSA 150: 12% Maturity date: 28/2/05
- RSA 153: 13% Maturity Date: 31/8/10
Gold audit. Evidence of discrepancies over the years between gold mined, gold held by the SARB, all gold sold by mining companies and gold actually sold through the gold pool in Zurich is available to be examined