Bosasa to be liquidated
Written by Lethiwe Mdluli on 18 February, 2019
By: Lethiwe Mdluli
The African Global Operations Group has confirmed the voluntary liquidation of the company.
The company, formerly known as Bosasa, says this is after they received formal notification from banks to distance themselves from the company.
In a statement, the company says since the banks have decided to close down their accounts, the Group will be unable to trade without a Bank account.
It’s says the company is not closing due to its liquidity status, financial stability, operational performance or growth forecasts.
It further says it is both factually and commercially solvent but since they will not be able to trade they will not be able to pay creditors.
The company has been involved in numerous scandals where it is suspected of fraud, money laundering and corruption which involves high government officials.