Banks have dumped the company formerly known as Bosasa.
JOHANNESBURG - eNCA can exclusively reveal that banks have dumped the company formerly known as Bosasa.
Fearing reputational risk, the financial institutions have formally notified African Global Operations of their intention to terminate its accounts.
They will do so on or before the last day of February.
As a result of the banks' actions, Bosasa bosses have announced that the company is going into voluntary liquidation.
The company says about 4 500 employees will lose their jobs, along with over 3 000 contractors.
The company has appointed a liquidator to wind up its operations.