Bar­clays Africa Wins Case over $83 Mil­lion Pay­out in South Africa

Africa Outlook - - News -

A South African court re­cently threw out the find­ings of a pub­lic anti-graft watch­dog that Bar­clays Africa un­duly ben­e­fited from an apartheid-era bailout of an­other bank and should re­pay.

The Pub­lic Pro­tec­tor had said in a re­port last year it had found South Africa’s apartheid Gov­ern­ment and cen­tral bank breached the con­sti­tu­tion by giv­ing Bankorp, a bank later ac­quired by Absa, the re­tail bank­ing unit of Bar­clays Africa, a se­ries of bailouts be­tween 1986 to 1995.

Bar­clays Africa had con­tended that the real ben­e­fi­cia­ries of the bailouts were Bankorp share­hold­ers, the ma­jor­ity of whom were pol­icy hold­ers of life in­surer San­lam.

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