The liquidation bid intensifies pressure on Educor, which also owns City Varsity, Damelin, ICESA City Campus, and Lyceum College, along with four property companies. This development comes amidst student backlash following the Department of Education’s decision to deregister the four colleges over financial reporting failures.
Between May 2016 and August 2018, the bank issued three loans totalling R46 million to Lococo 3. To accommodate repayment, the loan terms underwent multiple revisions. Lococo 3 asserts that the Covid-19 pandemic severely impacted Educor’s financial stability, citing restrictions on student attendance at lectures and residences.
Source: Education Headlines (educationheadlines.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Students Uneasy As Nedbank Moves to Liquidate Damelin, CityVarsity and Other Educor InstitutionsNedbank seeks to liquidate Educor institutions such as Damelin and CityVarsity. The move aims to recover R50M in unpaid loans from the Leo Chetty Group.
Source: brieflyza - 🏆 10. / 68 Read more »
Absa appoints new financial director – replacing the new Nedbank CEOAbsa has apppointed the full-time replacement to Nedbank’s CEO-designate Jason Quinn.
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Nedbank online banking outageNedbank customers were struggling to access the bank’s digital channels on Friday morning.
Source: mybroadband - 🏆 11. / 67 Read more »
Bay Stadium ready for Nedbank Cup semi-final fixture with Orlando Pirates vs Chippa UnitedOrlando Pirates take on Chippa United at the Nelson Mandela Bay Stadium on 4 May.
Source: mailandguardian - 🏆 2. / 92 Read more »
Nedbank is giving away R1m in solar power and bursaries to schoolsTaking a course about solar power could win a school a solar power system worth R250 000. Taking a course about solar power could win a school a solar power system worth R250 000.
Source: htxtafrica - 🏆 42. / 51 Read more »
Harness the Sun: Nedbank’s Innovative Solar Campaign!Nedbank has unveiled an innovative campaign aimed at empowering youth and assisting schools in mitigating the impact of load-shedding.
Source: ITNewsAfrica - 🏆 27. / 59 Read more »