File image: MK Military Veterans Association national executive committee member Carl Niehaus. (File picture: Cara Viereckl).

CAPE TOWN - The Umkhonto we Sizwe Military Veterans Association (MKMVA) agrees with the Public Protector, Advocate Busiswe Mkhwebane that the R125 billion ‘lifeboat’ was borrowed to Absa by the Reserve Bank and that Absa must pay back the money. 

"We agree with the findings of the Public Protector that the South African government breached its constitutional duty to spend public money wisely when it made no effort to act on the findings of the 1997-1999 CIEX Report, in which it was found that the Reserve Bank irregularly gave money to Bankorp - a predecessor to ABSA", says MKMVA. 

The MKMVA calls out government for being aware of the findings of the CIEX Report and for failing to take action and recover this huge amount of money. 

"There can be no doubt any more that this so-called ‘financial aid’ that was given to Bankorp was grossly irregular and in fact illegal", adds MKMVA. 

The veterans association further went on to declare that the inaction of government to recover the money from Absa is in contravention of Section 195 of the Constitution. 

"It must be reiterated that the money that was given to ABSA belonged to the citizenry of South Africa and that the state’s failure to recover this huge amount of money continues to severely prejudice the people (especially poor Africans) because this money should benefit them instead of a mere handful of primarily white ABSA shareholders".

READ: Mkhwebane will set record straight on Absa R1.125-billion bailout

The Public Protector has been subjected to vicious slander and personal attacks in the mainstream media, since making her findings of this matter public. 

"We have no doubt that these attacks are well orchestrated specifically by ABSA, and by White Monopoly Capital in general". 

MKMVA warns Absa and the WMC that they cannot escape the consequences of their actions. 

"Together with all other concerned and progressive South Africans. MKMVA will continue to relentlessly purse ABSA until the R 125 billion is paid back to the fiscus". 

The association also portrayed their defiance of the Public Protector’s slander. 

"MKMVA will also not allow the Public Protector to continue to be subjected to the vicious and slanderous attacks that she has been subjected to. It is our belief that the Public Protector showed herself to be a courageous patriotic South African who is vigilant about protecting government money", added MKMVA. 

"We as Umkhonto we Sizwe veterans joined the ANC in order to fight for the full liberation of our country. We will not rest until we live in an economically just and free society that is liberated from the oppression and exploitation of the likes of ABSA, and other companies and institutions representative of White Monopoly Capital", concluded MKMVA. 

READ ALSO: Public protector insists Absa must pay back billion

- BUSINESS REPORT ONLINE