BREAKING: ABSA Must Pay Back the Money: Mkhwebane

By Pinky Khoabane

Maria RamosMaria Ramos of ABSA Bank

For over two years or so, I wrote tirelessly about the large-scale apartheid theft contained in the CIEX Report which had collected dust somewhere in the offices of the former Public Protector Thuli Madonsela.

Her successor Busisiwe Mkhwebane has just released the report and she has found that ABSA must pay back the money. She has instructed SIU must recover misappropriated public funds unlawfully given to ABSA in the amount of R1.1 billion.

Screen Shot 2017-06-19 at 12.30.55 PM

Show More


  1. The false narration of Tito Mboweni on british spy is nothing but a cover up of their traitor ship.

    Here are the Facts:

    Michael Oatley had been investigating Sarb & Absa on the Tollgate scandal.

    He discovered lots of irregularities amongst others that the broederbond was control and manipulating the finances of the republic as part of retaining economic control, he came across the absa gift disguised as a lifeboat…….

    In good faith he reported this to Mbeki and Trevor Manual, and advise them to consider replacing Chris Stals to break the. WMC/ Broederbond control.

    At this stage he never requested any form of any contract nor payment.

    Mbeki & Trevor then agreed that this matter needed investigation with the intention to recovery these funds & requested the British Spy to assist therein.

    In 1997 and agreement was then signed, that was called “Project Spear ”and it was going to be done in phase. Only then monetary agreements were reached of 100.000 sterling pounds per month., and a percentage of every recovered amounts.

    Tito Mboweni name was then put as a candidate to replace Chris Stals.

    Tito then became part of the Ministers Team that held meeting with the british spy( ciex) on Project spear, this was twice in 1998. All of them supported the project, till the information of the project leaked out to the Sarb, and Chris Stals reiterated and complained to Mandela.

    Mandela then put the wheel in the spanner to stop the project, a deal was then reached to get Chris Stals to step down and hand over to Tito Mboweni, which eventually took place in 1999.

    Tito must tell the public of this country what was the deal struck with Chris Stals to step down?

    The deal was for new finance ministry to cover up all the corruption committed by the apartheid, as it was done to protect the banking sector , during sanction, which now resulted in the new govt taking over a healthy banking sector was christ stals motivation.

    Tito is now using the same bulshit justification.

    I challenge Tito and all his crooked associate to come publicly to debate the corruption of absa and Sarb more specific on the abuse of Government/Stock Bonds, as an instrument of theft and money laundering and looting..

    My challenge still stands!

  2. Am going to be dealing with Tito lies in details on his facebook posting:

    First lie!

    He claims to have taken part in mobilization of sanction as a cadre.!

    At the time Tito was at the university of lesotho on a scholarship from SARB (Chris Stals scholarship) & not exile! he studied there with members of the Surtie Family, hence his well known to this family, 1997 he together with Chris Stals & others decided to rob them. From access to their inheritance.

    I will be dealing with further lies on CIEX

  3. Tito Mboweni“Tiger” gone fishing!
    I will comment of his so called facts:

    Read his full Facebook post below (note, edited by The Citizen for typos):

    1) I am away on business, currently in London but on my way to Zurich and New York. As such, I have not seen the report of the PP on the allegations regarding the so-called bailout of ABSA and the role of the South African Reserve Bank.

    2) I have read all the media reports but feel disadvantaged by not having the report in my hands. I should find the report on the website of the PP. Looking for it as I write these notes. Thanks to today’s technologies.

    3) For the record, I was Governor of the SA Reserve Bank from 1999-2009. I hope that I served in that position fairly and professionally. So I think, but some amongst us might have a different view. That is normal in a democracy. I have absolutely no problem or issues with that.

    4) Some amongst us might recall that when Julius Caesar was assasinated by his close confidants, Mark Anthony stood up and said something like: “I come here to bury Caesar and not to praise him. He was my friend faithful and just to me.” Towards the end of the tragedy, he, Mark Anthony said something like this: “Cry havoc, let slip the dogs of war.” As a result, civil war broke out and Brutus and his co-conspirators were chased away and annihilated. ‘Cry Havoc, Let slip the Dogs of War’! Let not the Dogs of War be unleashed upon our beloved and beautiful country. God forbid!!

    5) So, here we are confronted by the PP report on the so-called ABSA “gift” by the SA Reserve Bank.

    6) The facts:

    6.1) The ANC waged an extremely successful campaign for financial sanctions against the Apartheid regime. By 1985, the regime had to declare a DEBT STANDSTILL. A very critical successful milestone. I personally participated in the campaign. I wish somebody had told me that the burden to deal with the consequences would one day fall on my shoulders. But as a cadre of the Movement, I took on the task.

    6.2) Somewhere in 1998, a British bounty hunter [former British spy Michael Oatley] came to us to say that there was a debt that the “boers” had to repay the new South Africa. Hallelujah! He produced to us documents that showed that ABSA was liable to pay back about R1.5 billion with interest over the years. He in return would receive 10% as a fee for helping us retrieve these “stolen” monies. He came from an organisation called CIEX based in London. He was a former agent of the British Secret Service. We were perplexed about why all of a sudden a former British secret service agent wanted to be of assistance to the democratic South Africa when in fact they, the British government, had been friends with Apartheid South Africa. We listened and he went on to prescribe to us, Africans, how this would be done. We rejected his offer.

    6.3) We agreed though that as soon as I became Governor of the SA Reserve Bank (because that was in the plan ), I would institute an investigation into all these allegations.

    6.4) As soon as I assumed the office of Governor of the SA Reserve Bank, I instituted an independent investigation headed by a Judge. It comprised of a panel of highly qualified people in economics, finance, accounting and political complexities, black and white with international expertise. Their report was also submitted to the PP. This report, it would seem, at reading the media reports, was ignored or might have been complex. I do not want to be judgemental.

    6.5) On the basis of that repoart, and its recommendations, the matter was concluded. Yes, I must admit, that a different panel might have come to a different conclusion as these matters normally are the case. But to cast negative judgement on their genuine professional work is both ingenious and unfair. It might be impugning on their professional standing in their professions, society and capabilities.

    7) Central banks are very important and sensitive institutions. One of their central tasks as central banks is to protect the stability of the banking and financial system of the economies in which they operate. To fulfil this mandate, central banks have to assess the negative impact of bank failures. This is a huge responsibility which must be approached with extreme care. Political considerations have to be considered, yes, but they must not be above all else. That is why political authorities entrust this responsibility (central banking) to an independent institution, the central bank. In a sense, the choice of who is Governor of a central bank is so key. Central Bank Governors are too powerful to be appointed Willy-Nilly! The process of their appointment must be thought through carefully and SERIOUS.

    8) When we negotiated our Sovereign Constitution, we entered into a COVENANT about the independence of the SA Reserve Bank. It’s central objective was a long drawn negotiation process. It is unwise to try and change this at the slightest political provocation. It is a very serious matter for our beloved country. Please think carefully about this. I hope the PP has consulted widely about her proposals in this regard. One cannot just take this for granted. This is too fundamental to be treated this easily. The impact of any proposed changes are huge for our country. In any case, one requires a huge majority in Parliament to effect the suggested Constitutional changes which no Party in Parliament currently commands.

    9) My suggestion is that all Political Parties must carefully discuss the ramifications of the PP’s recommendation in this regard.

    10) As for the BANKORP lender of Last Resort Facility, people must calm down and study all the documentation before expressing any views. Bear in mind the fundamental need for banking and Financial Stability in our economy. I remain available to assist in the conversation if so requested. Meanwhile, do not Let Slip the Dogs of War on us. Be calm, dear South Africans. We cannot afford to destabilise our banking and financial stability.

    11) I will respond to the PP’s report in due time. I don’t think that the PP’s report was meant to fuel political issues in this year of schizophrenic political tensions. She was just doing her job within the available capabilities. Stay calm. No heroics needed.

    Kind regards


  4. Letter to:
    Head of SIU
    Advocate Jan Lekhoa Mothibi

    The long awaited release of Ciex is welcomed.

    Public Protector (Makhwebane) and her team must be praised for the accurate finding of unduly benefits to absa from Govt Bonds Scandal & the appropriate recommendation y thereof, to further investigate recover and prosecute, all found guilty any crime.

    Absa and associate can say whatever they wish but the fact remain that they corruptly benefited from the favor/ gift of public funds in a form of inflated interest from the bonds, which should have never happened.

    If the SIU is unable to force them to pay, then I category say this without fear or favor :
    “We the citizen of this country who were prejudiced by this corruption will make them pay! ”

    Therefore my plea to absa and their associate is:

    “Please pay back the money (R1,12bn) with interest or face the dire consequences which will be regrettable to the banking sector ! ”

    This is no threat but a reality of the anger this matter is bringing to the prejudiced poor people of this country.

    Absa needs to do this in good faith, in the national interest of the country as they are fully aware that the bigger corruption and benefits from the Govt bonds is still to be revealed by the Finance Minister in the bonds given to them by Sarb as mentioned on page 25 of the Ciex report, whereby all previous finance Ministers(Trevor Manual, Pravin Gordhan) and previous Sarb Governors ( Tito Mboweni, Gill Marcus) & previous Treasury DGs ( Maria Ramos,lesetja.kganyago, Lungisa Fuzile) failed to investigate & take the appropriate action.

    This was in contrary to the fact that:

    # the Ciex report raised high alerts & red flags to the possibility of high Apartheid liability being imposed onto the Democratic Government, ref page 25 of report..

    # that I disclosed the corruption on these bonds to all in 2009 & 2010, and provided evidence that these bonds were issued from a “State”. Special Restricted Account opened by virtue of the provisions of regulation 2 of the regulation repealed by sub regulation(a) The account specific I identifier code is 0000/4444, Account name A.(MM) Surtie.

    # request for full audit on all unrecorded (bearer) issued between 1985-1995 was ignored!

    # Request to retract the mentioned bonds from world trading platforms., which is regulated by IOSCO was also ignored, even thou I informed all that this had constituted to money laundering, which is one of the most serious violation of the rules in the sovereign bond market , with the penalty ranging between 3 to 4 times the value of amount laundered & further possibility of indefinite suspension from the trading platforms.

    This was confirmed by US & UK Security Commission & IOSCO and relayed to finance ministry as early as 2010. Pravin Gordhan & FSB ignored it

    In this case the total PAR of these bonds was a total of $ 36bn USD.

    The current status on this matter is currently with newly appointed Finance Ministry( Malusi Gigaba) as in terms of the Act he has the sole jurisdiction & Powers to resolve, reference is made to Government Notice R603 in Government Gazette 10166 dated 27 March 1986. Commencement date 1 April 1986. (Currency and Exchange Act 9 of 1933)

    I have requested an urgent meeting with him since his first day at his new office & further submitted all documents to substantiate the claim & his office has only now confirmed the possibility of this meeting to take place next week.

    Lastly it is my submission that a serious financial crime & financial terrorism (Sabotage) has been committed by Sarb, Absa, and UBS, with these bonds & certain people are to be prosecuted & they are:
    *Chris Stals
    *James Cross
    *Barand Du Plessis

    *Trevor Manual
    *Pravin Gordhan
    * Tito Mboweni
    *Gill Marcus
    *lesetja kganyago
    * Lungisa Fuzile
    * Maria Ramos

  5. I once posted a comment highlighting that “Agents of Change are Targeted by White Monopoly Capaital”.
    Competitions Commission, Public Protector (Current), The SIU, The Hawks and the others like Ministers turning their Departments around to bring about Radical Socio-Economic Transformation are doing a Great Job but, don’t expect to see the Mainstream WMC Controlled Fake News Media Singing their praises.
    Instead they (Mainstream WMC Controlled Fake News Media) are going to Demonize these people and Institutions.
    I have included the SIU because, some few days ago, I was reading one of the Mainstream WMC Newspaper and it had an article saying that the SIU is infiltrated with Jacob Zuma’s cronies.
    And I said this must be good. SIU must be doing something good.You see, when you are a good person who is always striving for the truth and to improve the lives of the people who suffered the brutality of Apartheid, you are labelled ‘A Jacob Zuma Crony’. That is the WMCs Modus Operandi.
    So, the Formula to distinguish between good and bad people is easy; Those Demonized by Mainstream WMC Controlled Fake News Media are good people; and those praised by the very same Mainstream WMC Controlled Fake News Media are sellouts which are not good for the Radical Socio Economic Liberation Struggle of this Country.
    Just Like The Julias Malemas of this world who were hated by these media houses but now all of a sudden, because he is selling out and creating anarchy in the Legislature, he is a darling of these Mainstream WMC Controlled Fake News Media Houses.
    Other Progressive Entities/Organization doing a good job in the second phase of the Liberation Struggle (Socio-Economic Liberation) are Uncensored Opinion, ANN7, the New Age, BLF, The ANCYL, Black Business Council (BBC), PPF and the others which I might have missed but, I know there is a lot of good people out there who are fighting for the real liberation of the people of this country, which is the Socio-Economic Liberation.
    PK: Maybe we should register Uncensored Opinion as a Political Party and you be the President.
    People are tired of squabbles, inconsistency and infighting in the ANC.
    Example; Hon. Min. Mosebenzi Zwane comes with a very progressive Mining Charter and others in the ANC rejects it.

  6. Thanks very much PK for the sterling work your putting into these matters, i hope that when they start targeting her like they are doing with Dudu Myeni, we will all rally behind her and protect her like WMC did with Thuli even going as far as giving her a job. In Adv. Mkhwebane we trust.

  7. hahahahaha…was watching ANN7 damn that looting was massive mos all companies involved must be investigated not only ABSA and the corruption at the treasury under saint Pravin must dealt with

  8. Was wandering the same sis Pinky..the commission is doing a great job uncovering collusion(corruption) by big companies this is put on the back page of the media and there is silence from all these ever yapping Ngo,s

    1. Siphs, those corrupt companies are the hand that feed the media and the NGOs. Hahaha to “every-yapping” LOL.

  9. Sis PK, I’m very excited and awed by the news that is tricking through this site. Seems the democratic forces are making steady headways to true liberation. Keep up the sterling work and be our ‘ear on the ground’. Great stuff!!!

  10. The Thuli Madonsela ululations on other news sites are funny as hell to watch from blacks. Clearly, we only want black people investigated by our public protector. Go Thuli. Down with Busi. How DARE Busi think she can target our owners and get away with it.

    1. Yes poor Busi has already got all sorts of names – like all of us who don’t tow the line but investigate corporate corruption. She’s a very humble down to earth person but very strong – the media not putting her on a pedestal is also good for the Public Protector office. Look at the work she’s been doing at grass roots level. Cases that Thuli had completely ignored because she wanted the high-profile ones.
      Isn’t it amazing how The Competition Commissioner – who’s doing sterling work against white monopoly capitalists is not lauded at all. He hasn’t got a tenth of the profile of the public protector.

  11. All reports should be treated equally and the media should also show the same eagerness and interests when reporting on reports which needs public attention.

  12. What about the interest on the R 1.1 billion. The in duplum rule will apply so the amount due must be R 2.2 billion.

    To recover this money, ABSA bank will probably use the same tactics as FNB by increasing the interest rate on Black clients mortgage loans.

    1. Dear Emerald

      I trust you are well. That is a terrifying thought that it may use FNB’s tactic and increase interest rates.

      We may need to put ABSA under pressure and expose what they may just do before they think of doing it.



  13. I am surprised to read this morning that the DA was pushing for PP to release report about state capture yet they didn’t bother to push for the release of this report, I wonder who they think they are fooling trying to de-focus us from the findings about ABSA and ciex report and watch the space they, together with EFF, will be corneirng her for the state capture report instead of entertaining today’s release.

Leave a Reply to Lila Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

For As Little As A Monthly Donation or Subscription of R150,00 You can Keep UnCensored Alive

For those of you who read UnCensored regularly, we implore you to donate. For those who donate, we thank you greatly. 

%d bloggers like this: