First National Bank ‘FNB’ and Absa will be shutting down the formal account of the beleaguered facilities management group Bosasa. The financial companies may have lost confidence in further working with the group following the numerous scandals associated to them, now they decided to severe all ties with the company led by CEO Gavin Watson.
Absa’s decision to stay away from anything that has to do with the group will include shutting down the group former operating officer Angelo Agrizzi’s family trust account.
Angelo Agrizzi is currently a big enemy of Watson and the Bosasa group. He now trade as African Global Operations, and has exposed several of the company’s alleged decade of state capture before the Zondo Commission.
According to report, as the banks decides to excommunicate Bosasa, the adverse effect is that the group will suffer liquidation, which will by extension cause about 4 500 workers under the group to lose their jobs.
More information from this story will be made available soon..