BancABC parent faces liquidation over P110m debt

Standing strong: BancABC Botswana says it is not involved in the legal tussle facing its parent holding company
Standing strong: BancABC Botswana says it is not involved in the legal tussle facing its parent holding company

Norsad Finance, a regional financier, has filed suit at the Lobatse High Court seeking the provisional liquidation of ABC Holdings, the parent company of BancABC Botswana, over a US$10 million debt.

Officials at the local bank, however, have been quick to disassociate BancABC Botswana from the legal tussle, explaining that the local operations continue as normal with a strong capital position being maintained and robust capital adequacy ratio.

ABCH company secretary, Dorothy Matiza told Mmegi the situation had arisen out of COVID-19’s impact on global financing markets and liquidity. She said this in turn had resulted in delays to ABCH’s strategic fundraising initiatives, necessitating a restructuring of the group’s balance sheet through agreements with creditors.

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