Land and Agricultural Development Bank in a liquidity crisis
CAPE TOWN –
The Land and Agricultural Development Bank, which is owned by the government, said it anticipates defaults to occur under debts which fall due today, due to a liquidity crisis at the bank.
The Land and Agricultural Development Bank, which is owned by the government, said it anticipates defaults to occur under debts which fall due today, due to a liquidity crisis at the bank.
The Land Bank warned in a statement also that it might be unable to pay some R738 million of indebtedness that is scheduled to mature between today and the end of the month.
The bank said it is engaging with various stakeholders to address the challenges, especially in regard to financial obligations falling due
which may need to be deferred.
which may need to be deferred.
Source: iol.co.za
