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Barclays Africa Faces $88 Million Payout to State Over Bankorp
JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Limited, the South African lender formerly known as Absa, may have to pay the government an amount equivalent to 8 percent of its annual profit after the country’s anti-graft ombudsman said the bank unduly benefited from state support when it bought ailing Bankorp before the end of apartheid. “The illegal gift granted to Bankorp and Absa is in the amount of 1.125 billion rand,” Public Protector Busisiwe…
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