Cape Town — The Constitutional Court has ruled that Public Protector Busisiwe Mkhwebane put forward a "number of falsehoods" in her investigation into the South African Reserve Bank's apartheid-era Bankorp bailout, Fin24 reports.

The case's origin stems from Mkhwebane's 2017 decision that the Special Investigation Unit must recoup R1.125-billion from Absa after the Reserve Bank in the apartheid years gave an illegal "lifeboat" to the bank's predecessor, Bankorp, writes Daily Maverick.

Justice Sisi Khampepe, who delivered the majority judgment, said: "The Public Protector’s entire model of investigation was flawed.  She was not honest about her engagement during the investigation.

"In addition, she failed to engage with the parties directly affected by her new remedial action before she published her final report.  This type of conduct falls far short of the high standards required of her office."

Mkhwebane was ordered to personally repay 15% of the SA Reserve Bank's legal costs, an estimated R900,000 (U.S.$64, 653), according to The Sowetan.

Mkhwebane's applications for leave to appeal the ruling in the High Court and the Supreme Court of Appeal were refused.