The Development Bank of Southern Africa (DBSA) has become the third state-owned company to have a funding ban lifted by Futuregrowth Asset Management, three months after the latter froze lending. "Following the suspension announcement two months ago, we have been proactively engaging with Futuregrowth to understand and address their concerns," DBSA CEO Patrick Dlamini said on Monday. "We are pleased that our relationship has been restored and strengthened." In August Futuregrowth froze funding worth R1.8bn to six state-owned companies, including power utility Eskom, lenders the Land Bank and the Industrial Development Corporation (IDC), and Transnet, citing concerns with corporate governance and loans awarded to politically exposed persons. The move came after the Cabinet decided to establish a presidential co-ordinating council for these companies. Futuregrowth has since lifted the funding freeze against the Land Bank and the IDC subject to conditions. The DBSA said Futuregrowth’s ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.