South Africa

South Africa's Land Bank Reaches Deal with Lenders to Cure Default

South Africa's Land Bank has reached an agreement with its lenders to cure its debt default, the South African government said on Friday, Reuters reported. The state-owned agricultural bank defaulted on its debt in April 2020 and missed a restructuring deadline in March 2021. It had failed to agree a "liability solution" to emerge from default until now. "This... provides a basis for the bank's turnaround and rebuilding of its essential role in the South African economy and the agricultural sector in particular," the government said in a statement issued on behalf of Land Bank.
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South Africa's Justice Minister Denies Corruption Allegations Against Her in a Mutual Bank Scandal

South Africa's justice minister on Friday denied corruption allegations against her related to a mutual bank scandal in which thousands of retirees lost their life savings, the Associated Press reported. VBS Mutual Bank, which held the savings of retirees mostly from the northern Limpopo province and also unlawfully secured investments from local municipalities, was declared insolvent and bankrupt in 2018 after it emerged that more than 2 billion rand ($112 million) had been stolen from the bank.
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South Africa’s Spar Weighs Offer for Cash-Strapped West Pack

South African retailer Spar Group Ltd. is considering an offer to acquire cash-strapped West Pack Lifestyle, Bloomberg News reported. The nation’s second-largest grocer by revenue previously said it plans to expand beyond the food segment and win more market share in South Africa. West Pack, which sells homeware, has gone into business rescue — a local form of bankruptcy protection. The group also sits on a large debt pile that a purchaser would have to take on.
South Africa
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