African Bank remains in trouble

Die Vryburger

African Bank remains in trouble
African Bank remains in trouble - Image - Die Vryburger

After taxpayers’ money was used to save African Bank from bankruptcy, it appears that the institution remains in trouble and will have to dismiss about 650 employees if the bank wants to survive.

The state allocated the money to prevent the bank from being liquidated and cause more than 4 000 people to lose their jobs. Now one-sixth of the workforce is on their way out.

The case was referred to the Commission for Reconciliation, Mediation, and Arbitration (CCMA).

African Bank Investments, the holding company of African Bank, was placed under curatorship by the South African Reserve Bank (SARB) in August 2014 due to its high debt burden.

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