South Africa examines Barclays over apartheid-era bailout

Barclays Africa Group. (Photo: Courtesy)

South Africa’s anti-graft watchdog has reopened an investigation into whether Barclays Africa Group benefited from an apartheid-era bailout, the bank said on Friday.

A preliminary report by the country’s Public Protector has found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Barclays Africa unit, Absa, in 1992, with a series of bailouts from 1985 to 1995, the Mail & Guardian newspaper reported.