HistoryOpinionPoliticsState Capture

Pay back the R3.2 Billion RUPSA!!


Pinky Khoabane

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.




Show More


  1. # thieves of black economic freedom must fall. This must be fought for, no threats by victimisation of our black leadership.

  2. That is how they stole our economic fredom,today they want to deny that our Zuma is one of the good leaders that our soil has ever produced.

  3. A friends view..”My twisted opinion on the apartheid thieves giving the money back….it will never ever eva happen if it does they will MAKE sure it doesnt BENEFIT the poor of our country(no houses,schools or job creation)so its something that must be looked into if this keeps being pursued by our brave people”

  4. Lets share the meme, and “fight back” against corporate plunder, and crime, “zupta must fall” worked for them, lets use “RUPSA MUST FALL” against these imperialists!!

Leave a Reply

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

Back to top button
%d bloggers like this: