First National Bank (FNB) and Absa have informed troubled Bosasa that their bank accounts will be closed.
Absa will reportedly also be cutting ties with Bosasa.
According to News24, the banks will also be cutting ties with the family trust account of former chief operating officer Angelo Agrizzi.
In a statement the company says it received formal notification from their financial institution of the decision to distance itself from the Group.
African Global Operation which operated as Bosasa said the Group is both factually and commercially solvent, but it will not be able trade without a Bank account.
Following that the Board of Director of African Global Operations announced that they would be voluntarily liquidating the group of Companies
Should the company go into liquidation over 4500 people are set to loose their jobs as a result of the liquidation.
Agrizzi has turned against Watson and Bosasa, as he testified about the company's alleged decade of state capture before the Zondo Commission.
#Bosasa : Workers gather outside African Global Operations, known as Bosasa, after it confirmed in a statement that the company has been put into voluntary liquidation . (@CannyMaphanga) pic.twitter.com/ksbkzPzIc3
— Team News24 (@TeamNews24) February 18, 2019
RT @JKwritingz: The company says about 4 500 employees will lose their jobs, along with over 3 000 contractors. #Bosasa
— City Press (@City_Press) February 18, 2019
Banks should have questioned some transactions than act now that #Bosasa name is all over the news. https://t.co/TtCS17KbaQ
— Ndzavi Derrick .CBA (@NdzaviDerrick) February 18, 2019
#Bosasa liquidates itself . #ZondoCommission should issue an interim report which would address among others, how are the govt monies going to be retrieved. What of the Bosasa assets? The role of the banks in this saga is questionable.
— Bantu Holomisa (@BantuHolomisa) February 18, 2019
I'm even shocked that #Bosasa had bank accounts pic.twitter.com/BTLy3MTDjJ
— Sphelele (@SpheDludla) February 18, 2019
CONGRATULATIONS!! .. South African Banks ditch BOSASA! Perfect decision for the country ..it means: supporting the people!!
— marion mertins (@MarionMertins) February 18, 2019
This might accelerate convictions - JAIL for Corruption! #BOSASAhttps://t.co/DKmil5IPBc
Banks dumping #bosasa accounts.But evidence was led in a statutory commission by own employees of corrupt practices.Employees arrested.
— Hanief Haider (@haniefhaider) February 18, 2019
In Gupta not the case.Just media speculation while their cases now being withdrawn.@MYANC correct to have intervened then.
Cc @EFFSouthAfrica
RT @JKwritingz: FNB and Absa have finally confirmed that they will be severing ties with beleaguered facilities management company #Bosasa. The banks say the accounts will be closed by the end of this month. pic.twitter.com/PUI8XfEQ2A
— City Press (@City_Press) February 18, 2019
#Bosasa confirms in a statement that it "regret that the Board of Directors announce the voluntary liquidation of the AFRICAN GLOBAL OPERATIONS Group of Companies."
— Mia Lindeque (@MiaLindeque) February 18, 2019
#bosasa criminal syndicate is collapsing very fast. #StateCaptureInquirypic.twitter.com/Kj9kTFLsZs
— ?? / (@LethaboCM) February 18, 2019
It's not a war @GwedeMantashe1, it's elections. And noooo, no one is picking on u as the ANC. We're just gatvol of thieves masquerading as a government of the people. #bosasa #statecapture #lifeesidimeni #marikanamasacre #Xolobeni #unemployment and many more https://t.co/9WaEZvOs9r
— Unathi Kwaza (@Unathi_Kwaza) February 16, 2019
