ANCYL steps up its battle with Absa

League wants party in KZN to ditch bank

THE ANC Youth League in Kwazulunatal has vowed to turn up the heat on the provincial government to snub Absa and bank with the state-owned Ithala bank.

This was triggered by Public Protector Busisiwe Mkhwebane’s report that Absa, which bought Bankorp in 1992, should repay the money given as bailout from the SA Reserve Bank during apartheid.

The bailout amounted to R1.125 billion.

Reacting to Mkhwebane’s report, Thanduxolo Sabelo, youth league provincial secretary, said: “What we can say is that we are vindicated by the report. She actually confirms what we have been saying all along – that Absa must pay back the money.

“To us, Absa is a criminal bank that our government cannot continue to do business with.”

The KZN provincial government banked its budget of R112bn with Absa.

Sabelo, who has been on the front line of marches against Absa, wanted this to change and for Absa to repay the money. “We are accelerating our call that provincial government and all local and district municipalities in KZN must bank with Ithala bank. We are going to step up our effort in ensuring that Absa pays back the money.”

Asked which bank he banked with, he chuckled and said, “I do have an Ithala account.”

Sabelo cautioned Absa not to resort to delaying tactics.

“We call on Absa to accept the report and immediately start the process of repaying the money. If they resort to going to court, we are going to picket and march on their premises,” Sabelo said.

Contrary to claims that the mother body and the youth league clashed on this issue, Sabelo said: “There’s no contradiction between us and the mother body.

“The mother body has not been hostile to our call for Absa to pay back the money. They are sensitive to our call.”

Sabelo dismissed those who held the view that Ithala was incapacitated.

“It’s already too late. We want provincial government to start as early as yesterday to bank with Ithala. It must happen now. And we don’t believe that Ithala bank is incapacitated.”

He said they would continue to raise this issue internally. “We will raise this issue during the Provincial General Council.”

The PGC started on Friday and ends today at University of Zululand in Empangeni.

Both Absa and the Reserve Bank have approached the High Court to have Mkhwebane’s report reviewed and set aside citing “numerous misrepresentation and factual inaccuracies”.

Absa KZN spokesperson Dante Mashile said: “We would also welcome the opportunity to have these matters discussed in public because the misconceptions and inaccuracies in the report are profound and damaging to Absa’s reputation.”

Of threats that the league would march against Absa, Mashile said: “South Africa is a democracy where all people have a right to protest.”