African Global announces move to liquidate after bank accounts closed

African Global announces move to liquidate after bank accounts closed

BOSASA, or African Global as it is now known, has announced their move to enter into voluntary liquidation of the African Global Operations Group of Companies. This comes as a result of the closure of all the group's bank accounts by the end of the month.

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The African Global Group, formerly BOSASA, has announced the move to voluntarily liquidate the African Global Operations Group of Companies.

In a recent statement, the company states that they had made the decision after receiving "formal notification from our financial institution of the decision to distance itself from the group and as a result the closure of all the entities bank accounts on or before 28 February 2019".

Briefly.co.za reported that the company had been linked to widespread corruption at the Department of Correctional Services.

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Suspects including BOSASA COO Angelo Agrizzi, who testified against his former employer at the Zondo Commission of Inquiry have been arrested for corruption, money laundering and fraud.

Agrizzi had testified at the inquiry that the company had laundered money and paid up to R6 million worth of bribes every month.

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Source: Briefly.co.za

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