Futuregrowth reinstates funding to Land Bank - CNBC Africa

Futuregrowth reinstates funding to Land Bank

Financial

by TP Nchocho, Land Bank Chief Executive Officer and Mr Bennie van Rooy Land Bank Chief Financial Officer  0

Photo: Pixabay

Futuregrowth has lifted the suspension of lending activities to the Land Bank with immediate effect. This follows an extensive review of the governance and investor protection mechanisms of the institution during the last three weeks. 

READ: Why Futuregrowth is suspending loans to S.A's 

The announcement follows the Bank’s pro-active and constructive engagement with a large group of current and potential funders, including Futuregrowth, where matters and concerns relating to the governance and independence of the organisation were discussed in detail.

READ: Land Bank, Transnet, Eskom respond to S.A's 

As part of the engagement with Futuregrowth, some recommendations have been collectively put forward regarding enhanced transparency and public disclosures relating to governance structures. These enhancements are viewed in a positive light and have been welcomed by the Land Bank.

READ: Second money manager halts funds to Eskom

Land Bank remains determined to maintain the highest levels of corporate governance, independence of decision-making and to protect the interests of its funders. Futuregrowth is a key development partner of the Bank and we look forward to further strengthening our relationship with them and all our funders. Their invaluable support remains critical to achieving our mandate and objective of supporting the growth of both the agricultural sector and the South African economy.

WATCH: Futuregrowth loses R100mn investment from Eskom PFF

 

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