One of our readers, Sean Goss, has sent us this graphic in response to the money stolen by Bankorp, Johann Rupert’s Rembrant and Sanlam, in the years leading up-to the new democratic dispensation. ABSA later bought Bankorp.
The money was given to these entities as “lifeboats” by the Reserve Bank. They were later found to be illegal and unlawful by Judge Willem Heath and other investigators. A financial commentator once called it the biggest fraud to ever be perpetrated on a South African taxpayer”. Others have called the lifeboat scandal “apartheid’s grand corruption”.
Sean has been kind because the figure between these three entities amounts to approximately R9.2bn according to the Ciex report. The R3.2bn is Bankorp’s “gift” while the other two companies’ “gifts” were between R3 and 6bn. The other banks which got these lifeboats include Nedbank.
We attach the Ciex report for your perusal. While the white establishment was flying former President Nelson Mandela around in helicopters, dining him at their mansions and negotiating a “peaceful” settlement, they were also looting the state. Its estimated that R600bn may have been plundered during that time alone.
Former finance minister Trevor Manuel used to be very vocal about the need for these lifeboats to be repaid. He has since become very silent and it’s not too difficult to see why. His wife worked for Treasury before becoming ABSA’s CEO. She is currently CEO of Barclays Africa Group and sits on the board of Rupert’s Richmont SA. She has also served on the boards of Rupert’s Remgro Ltd and Sanlam. Their wedding was hosted by Rupert on one of his lavish vineyards. Manuel now works for the Rothchild banking dynasty. In financial terms this is a three-way marriage made in banking heaven. It also shows the extent to which Treasury has been captured by white capitalists. Instead of Manuel pushing for the repayment of this money, he and his wife have gone into bed with the white capitalists.