African Global Operations, previously Bosasa, has announced that it will apply for a voluntary liquidation.
This after the company was given a formal notification from its bank that it will cut ties with it.
According to the statement released by the company’s board of directors, the bank had indicated that it wanted to distance itself from the group, due to serious corruption allegations that have emerged from the Commission of Inquiry into State Capture.
African Global Operations has been given until the end of this month to find another banking partner. However the company has failed to secure a new bank account with another financial institution over concerns of reputational damage by association.
The company has maintained that its operations remain profitable.
Watch a related video below:
