Unresolved default still handicaps Land Bank despite turnaround
The state-owned institution’s finances have improved, but clients and staff are leaving it
03 October 2022 - 05:10
The financial position of the Land Bank improved strongly over the year to end-March, but it is still hamstrung by its 2020 debt default, for which no solution has been agreed with lenders.
The state-owned bank cannot fully resume its borrowing and lending activities until a settlement has been concluded, with chair Thabi Nkosi noting in the annual report tabled in parliament last week that since the default, the bank had operated at “suboptimal” levels. The default has led to clients and skilled staff leaving the bank...
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