Ina Opperman
Business Journalist
1 minute read
23 Apr 2021
4:26 pm

The truth about the banks named in the Tokyo ‘scam’

Ina Opperman

The facts about the Reserve Bank and Bank for International Settlements pick holes in Tokyo Sexwale’s claims.

The Bank for International Settlements building in Basel, Switzerland.

When Tokyo Sexwale and his supporter, Fanie Fondse, a Reserve Bank shareholder, started referring to the Reserve Bank and the Bank for International Settlements during Sexwale’s press conference, they made a few errors of fact which makes the story even more incredible.

According to Professor Jannie Rossouw from the Wits Business School, who worked for the Reserve Bank for many years, there could not be an account at the Reserve Bank for “stolen” funds, because it does not open accounts.

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The second mistake is that the Bank for International Settlements does not deal with the public and does not do international transactions. The bank was established in 1930 and plays a number of key roles in the global economy, from settling reparation payments imposed on Germany following the First World War, to serving central banks in their pursuit of monetary and financial stability.

Rossouw said both banks had been named in scams for many years.

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The third mistake is that Sexwale could not provide any proof that the money ever existed.

Rossouw also says there is no proof that the Lesetja Kganyago who Sexwale corresponded with by email is the actual governor of the Reserve Bank, as anybody can open an email account in another name. Sexwale should at least have validated his email address.