This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
City Press reports that about 4,500 people have become the latest casualties of SA’s state capture tale after their controversial employer was forced to go into liquidation.
African Global – the company formerly known as Bosasa, and which has been at the centre of state capture allegations over the past few weeks – announced its voluntary liquidation on Monday morning. In a statement, the board of directors confirmed that they had received a formal notification of their bank’s decision to distance itself from the group and close all the entity’s bank accounts. African Global has been unable to open a trading account with another bank – locally or internationally. “The extensive reputational damage in the past few months, occasioned by negative media reports, has resulted in financial institutions determination that the African Global Group poses a reputational risk for them as clients. Tragically, the group will be unable to trade without a bank account,” the statement reads. The company was advised to enter into business rescue or voluntary liquidation. Following testimony at the Zondo commission into state capture, numerous bigwigs from Bosasa were arrested and appeared in the Pretoria Specialised Commercial Crimes Unit on 1 February. These included former Bosasa COO Angelo Agrizzi, whose explosive testimony implicated numerous state officials involving millions of rands in bribes.
- Read the original of the report on this story in full at City Press
- Read too, Bosasa to close after banks pull out, at BusinessLive
Get other news reports at the SA Labour News home page