NEWS

The ANCYL Are On The Streets And Will Not Rest Until ABSA Pays Back The Money

The ANCYL is not letting go of the ABSA report.

10/02/2017 14:45 SAST | Updated 10/02/2017 15:34 SAST
Twitter/Akani Mangena

On Friday the ANC Youth League took to the streets of Johannesburg CBD to occupy ABSA Banks's headquarters in protest, demanding that the bank pays the state R2.5 billion.

This comes after the much publicised leaked public protector report which found that a bank ABSA had purchased had received massive bailouts from the South African Reserve Bank (SARB) under apartheid. A report by a British Intelligence company, Ciex, contended that Absa owed money for interest not paid, which was subsequently investigated -- and cleared by the Davis Commission. The matter was revived by the Public Protector, and a leaked version of the report, before it was finalised, recommends that ABSA, which bought Bankorp, now pay back interest on the bail-outs it received.

The ANCYL is demanding that ABSA pays back the money immediately so that it can be used to fund youth entrepreneurship projects.