High executive turnover played a role in Land Bank mess
A vital debt issuance was postponed at the end of 2019 because the bank lacked a permanent CEO, says Futuregrowth
28 April 2020 - 20:01
UPDATED 29 April 2020 - 07:27
The high turnover of executives and unresolved corporate governance issues contributed significantly to the Land Bank’s crisis, according to analysts and investors of the troubled state-owned agricultural lender.
The Land Bank defaulted on obligations last week prompting a demand for the repayment of monies owed. The bank is now seeking a 12-month moratorium on all capital and interest payments due in the next six months, meaning investors in the bank’s various debt instruments may not receive any income for up to 18 months...
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