Auditor-General Tsakani Maluleke issued a “disclaimer of opinion” over the bank’s annual results, citing a lack of evidence to reach a conclusive audit.
She added: “I was unable to obtain sufficient appropriate audit evidence that management had properly accounted for expected credit losses.” According to Olga Constantatos, Future Growth’s head of credit, at the onset of the Land Bank crisis in April last year, roughly 27% of agricultural debt in South Africa was supported by the Land Bank, making it a significant role-player in South Africa’s agricultural sector.Only a free market can halt SA's decline in 2021
The bank was placed on review in November 2019 with a negative outlook by Moody’s, and the concerns raised here were alluded to in the ratings downgrade two months later. This included rising solvency pressures, low earnings, reliance on volatile debt and capital markets, government’s financial challenges and the prolonged period of uncertainty ahead of the appointment of a new CEO.
The Land Bank also requested government’s support for in efforts to address the current default position to conclude its debt restructuring and liability solution and strengthen its balance sheet going forward. The Land Bank said a “remediation plan” has been adopted by the board to address the Auditor-General’s findings. It said the plan includes steps that are in the process of being implemented.Review of policies and standards of operations to address the weaknesses identified in the management of collateral, modifications, staging and risk rating;
MbuyiseniNdlozi MYANC cadre deployment has now destroyed another SOE, hand the Landbank over to Capitec and led by a competent team of managers.
And people are calling for another State Bank? How many state entities must fail before the masses realize that government is bad at running business?
They promised to buy us land but they stole the money. ramaphosa administration is the worst. 🤦🏾♀️
MbuyiseniNdlozi People given to connections. Had no intention to pay this back.The reason LEGITIMATE entities not receiving assistance. CORRUPT POLITICIANS
ANOTHER DISASTER BY THE CRIME SYNDICATE NAMELY THE ANC. THEY WANT A STATE BANK YET CANNOT RUN SOMETHING SIMILAR NOW.
Wonder how much was stolen by the ANC from this organisation. Now its know why they need to steal land wighout compensation
tito_mboweni these 'equity injections' is the reason the country has financial instability. Get the right people to manage SOEs please or get rid of them.
MbuyiseniNdlozi Baqalile with their embezzlement 🤦♂️
Yet another spectacular fuckup by the ANC government, glorious!🚮
MYANC at work.
And these are the same people who want a State Bank 😹😹😹
Another AbsoluteNoConsequence Party victim ... the Land Bank 😔