Banking group Nedbank has launched a bid to liquidate the Leo Chetty Group, the owner of embattled private higher education institutions Damelin, CityVarsity, Icesa and Lyceum College — dealing a further blow to the group after the entities were deregistered by the government in March.

Nedbank aims to recoup nearly R50m in unpaid loans dating back to 2016 and has launched proceedings to liquidate 10 companies in the Leo Chetty Group...

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