The High Court placed the lender, which is the local unit of a Pakistan-based bank, into final liquidation after an application by the Prudential Authority (PA) and Reserve Bank, which described it as “hopelessly insolvent.”
The National Union of Metalworkers of SA (Numsa) has issued the Road Accident Fund with a strike notice, saying it will shut down its offices in protest against alleged mismanagement by CEO Collins Letsoalo.
Traxtion Group, Africa’s biggest private railway operator, is “extremely confident” it will invest in SA this year, saying it is encouraged by the structural reforms rolled out by the government over the past three years.
Waterfall City owner Attacq has sold its remaining 6.5% stake in fellow commercial property investor MAS to focus on assets it can have more influence on.
Planet42 said it raised local-currency debt and equity funding from Standard Bank Group Ltd. to help the South Africa-focused rent-to-buy startup repay costly euro-denominated loans.
Old Mutual is facing boycott threats after a social media storm erupted over its alleged refusal to pay out the pension savings of a client in defiance of a court order.