Mkhwebane has exposed her 'lack of competency', says Lesetja Kganyago

Mkhwebane has exposed her 'lack of competency', says Lesetja Kganyago

Sarb Governor Lesetja Kganyago says Busisiwe Mkhwebane made a grave and rudimentary error in presuming that she had the power to order Parliament to change the Constitution.

Public Protector Busisiwe Mkhwebane set off a political row and sparked a selling frenzy in the rand currency last month when she said the Reserve Bank current mandate focuses on a "few commercial interests".

"It is not befitting of a Chapter Nine institution, tasked with upholding the Constitution, to investigate a matter, prepare a Report, direct remedial action to be taken, all without even having come to grips with what the Constitution provides", said Kganyago.

He wants her to explain how she arrived at her findings, and added that her report had immediate and damaging consequences for the country.

In a scathing affidavit to the North Gauteng High Court, Reserve Bank Governor Lesetja Kganyagosays the public protector was reckless and does not understand the Constitution. "It perpetuates a fundamental misunderstanding of the bank's powers and functions", said Kganyago.

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The application kicks off Absa's legal challenge to the public protector's report into "alleged failure to recover misappropriated funds" gifted as a lifeboat to the Bankorp group in the 1980s and early 1990s. Bankorp was bought by Absa in 1992.

Opposition parties, Democratic Alliance and the Economic Freedom Fighters, have also branded Mkhwebane incompetent and urged her to resign or for parliament review her ability to execute her duties.

Despite saying she would not oppose the bank's actions, the Public Protector's office now says her recommendations remain binding until the court determines otherwise.

"The report was reckless".

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