Old Mutual’s bet on taxi industry backfires
One-off R155m impairment of Bridge Taxi Finance secured loan worsens credit losses
30 September 2024 - 05:00
The structural headwinds facing the taxi industry have seen Old Mutual impair millions of rand in loans granted to Bridge Taxi Finance, which — like SA Taxi — has run into financial trouble as the industry’s challenges persist.
In its financial statements for the six months to end-June, Old Mutual said it experienced credit losses in its lending business in the first quarter of the year...
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