26 January 20001
The South African Communist Party (SACP) is pleased to learn that the independent panel appointed by the Reserve Bank to look into the controversial rescue loan to Bankorp in the late 1980s will meet over the weekend to continue with its investigation (Bus iness Day, 25 January 2001).
In 1999, the Special Investigation Unit led by Judge Willem Heath found that the bailout from the Reserve Bank was both irregular and possibly illegal. But strangely and curiously, Judge Heath decided not to take legal steps against any parties involved. A s we said then, the decision by Judge Heath is a blatant example of the extent to which our country remains hostage to the interests and logic of big finance capital. How many more such loans have been granted? Under what terms and conditions?
What makes this observation even more stark, is the fact that Bankorp got he loan at 1% interest rate and in turn earned a return of 16% a year from the same loan over a period of five years. This is the logic of private capital plunder the public purse an d maximise profits.
It is for these reasons that the SACP-led campaign for the fundamental transformation and diversification of the financial sector in our country must continue and be deepened. As we emphasised last year, the financial sector in our country is structured ar ound our country's capitalist economy and serves the rich.
The financial sector has massive resources drawn from our people +IBM- resources which must now be directed to our country's development with the state and the people playing a central role in this.
The SACP calls on all South Africans to use their mass and other power behind this campaign and around the Bankorp investigation.
The SACP calls for a and public full exposure of, and explanation from, both ABSA (which Bankorp has now joined) and those in the Reserve Bank who were responsible for this misuse of public funds. Further, we reiterate our call for the entire Heath Unit Report to be made public.
CONTACT
Mazibuko K. Jara (surname Jara)
Department of Media, Information and Publicity South African Communist Party
Tel: 011 339-3621/2
Fax: 011 339-4244
Cell: 083 651 0271
Email: sacp1@wn.apc.org