WMC is feeling an array of troubles in the wake of some recent happenings, which went against them. The same is in the case of Public Protector Busisiwe Mkhwebane,as per the report published on WMCleaks, where they stood a chance of being proved guilty, if public protector’s recommendation for inquiry into the CIEX Report are accepted by the Parliament. On the other hand, DA is trying its level best to prove the Public protector as Unfit to serve the office of the same. Though, this report signifies towards the corruption which started long back from back to the apartheid era, when the WMC powered BFSI vertical which includes ABSA, Ned Bank, Rembrandt Group and the Anglo American Corporation together. There all were indulged in unauthorized exploiting of the resources from SARB.
It must be noted that with Mkhwebane taking the charge afterwards, the bad days got started for the WMC lobby. We hereby look into a detailed report stating how WMC along with DA was involved in looting this country’s wealth and what’s the reason behind their panic with the report filed by the public protector. Following are the key points in the report:
- Johann Rupert-Led Afrikaner Broederbondin were involved in the exploitation of cheap capital borrowed from the SARB and then investing the same in government bonds to make undue profits from the interest rate margins during the period between 1997 to 1999.
- The Afrikaner Broederbond, a secret Afrikaner white male organization which involves Dutch Reformed Church, French Huguenot and German colonizers, were on a mission to push white businesses by holding public sector offices to release by trading state sponsored profits like cheap business credit from the SARB for bribes and recommendations for promotions of white lobbyists in return. It was a disgraceful implementation of PPP– public funding of private projects.
ABSA’s role in the Dirty Picture
Even ABSA was involved heavily in the corrupt act which is confirmed by following key points:
- The Dirty picture commences with SARB printing excess currency notes worth Rand 1.5 billion. This act weakens the value of the RAND in the process.
- SARB provided a business loan of Rand 1.5 billion to Banbol at a very cheap interest rate of 1% in an array of transaction started in 1995.
- Banbol, an investment company of Bankorp secured this loan aid from SARB. Moreover Bankcorp didn’t show the same in its account books which confirms it being Illegal.
- Bankorp, then divided the amount of Rand 1.5 billion into two parts. They invested the first part of Rand 400 million in the SARB at an interest rate of 16%. The rest Rand 1.1 billion was being invested in government bonds that gave returns at an annuity of 16%.
- Bankorp then earned a profit of Rand 225 million per year over a period of five years Using the interest rate margins through an illegal act of arbitrage of capital,. They earned a total profit of approx Rand 2.25 billion over two decades along with interest unpaid.
- The Same Bankorp was then taken over by ABSA and then reframed into Barclays Bank of South Africa. Barclays Bank South Africa is still liable for the repayment of the lifeboat assistance and the cumulative interest .
Johann Rupert getting benefitted from SARB scam
The CIEX Report also confirms the name of Johann Rupert, the Director of ABSA. Being benefitted from the undue arbitrage of cheap state owned capital. He was being charged by a lot of corruptive acts which sums up as follows:
- The Report claims the Recovery of all the money which Rupert recovered illegally from lifeboat subventions including those from the estate of Anton Rupert
- Compensations coming from his commission of criminal anti people offences (fraud, embezzlement, corruption, breach of the Company’s Act, offences relating to insider trading).
DA (Democratic Alliance) : The Standout WMC stooge
DA has once again proved by demanding the removal of Public protector from its office that they are still backing WMC. Even after knowing the disgrace, the Johann rupert’s stooges has brought to this country over the years. A itself being one of them is clearly proving its loyalty for WMC and playing with the minds of the natives by making foolish claims and showing fake propagandas.
Moreover, the Public protector must be lauded for her efforts of taking a guard against all the corruptive acts by WMC and its allies since the decades in looting the country’s resources without a stop.