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ARTICLE · 02 DECEMBER 2019

Bosasa – Liquidation Lessons Learned

Cliffe Dekker Hofmeyr
Cliffe Dekker Hofmeyr
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Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr (CDH) is one of the largest full-service business law firms in South Africa,...

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The sensational revelations that were made during the Zondo Commission of Enquiry into Allegations of State Capture, by, inter alia, the former COO of Bosasa, namely Angelo Agrizzi, shocked...

South AfricaCorporate/Commercial Law
Kylene Weyers
Kylene Weyers
Stephan Venter
Stephan Venter

The sensational revelations that were made during the Zondo Commission of Enquiry into Allegations of State Capture, by, inter alia, the former COO of Bosasa, namely Angelo Agrizzi, shocked the entire country. (Bosasa is now known as the African Global Group (Group), the holding company of which is African Global Holdings (Pty) Ltd (Holdings)).

This prompted the bankers of African Global Operations (Pty) Ltd (Operations) (which is a wholly owned subsidiary of Holdings and performed all the treasury functions of the Group, including receiving payment and making payment on behalf of various operating companies in the Group) to indicate that they will be withdrawing Operations' banking facilities and closing the banking accounts (which was catastrophic for its continued business operations).

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