Home Economy Bosasa liquidates the African Global Operations Group of Companies

Bosasa liquidates the African Global Operations Group of Companies

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On Monday, February 18, the African Global Group, known as Bosasa, announced the liquidation of the African Global Operations Group of Companies. The group has taken this step voluntarily and, according to the Bosasa’s representatives, made the decision after a formal notice from the company’s financial institution.

According to the document, the company decided to distance itself from the group and close all bank accounts of legal entities on February 28, 2019 or earlier.

As it has been reported, Bosasa was accused of corruption in the Correctional Services Department. The Hawks squads have arrested seven people, aged 50 to 78, on allegations of corruption related to the infamous Bosasa company, including former Bosasa COO Angelo Agrizz during the investigation of money laundering, corruption and fraud.

The former company employees have been charged with misappropriating R1.6 billion by entering into contracts with the Correctional Services Department.

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