Land Bank must be saved ‘at all costs’, says Dondo Mogajane
The bank’s failure to pay its debt in April triggered a default and it is now in talks with creditors for a reprieve
The government is fully committed to saving the Land Bank, “at all costs”, Treasury director-general Dondo Mogajane said on Tuesday.
The Treasury is in discussions with creditors of the Land Bank to come to an arrangement following the bank’s failure to pay its obligations in April. The bank warned those holding R50bn of its bonds that it was in default, which triggered default provisions for its other debt.