State-owned financier the Industrial Development Corporation (IDC) has appointed Isaac Malevu as its new CFO with effect from the beginning of October.

Malevu, a chartered accountant, is currently CFO in the Corporate and Investment Banking (CIB) division at Standard Bank.

Before this role, he was an audit partner at EY and has acquired experience both locally and internationally having worked at EY in the US, the IDC said.

In June, ratings agency Moody's Investors Service cut the IDC’s long-term foreign currency ratings to Ba2 — two notches below investment grade — and with a negative outlook.

Moody's cited the increasing difficulties the government was facing in bailing out state entities.

Moody's said at the time that recent developments, such as the authorities’ denying a request by SAA for funding earlier in April and the Land and Agricultural Development Bank's failure to make payments of maturing credit facilities that has triggered an event of default, had further informed its assessment.


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