BASIL READ COMPLETES OR TERMINATES 20 CONTRACTS
MORE THAN 20 contracts undertaken by Basil Read, the construction group in business rescue, have been completed or terminated, the business rescue practitioners said on Friday. Three contracts were being completed, five were being descoped or ceded to other contractors, while three had been handed to clients and defects remediation processes were under way. Performance guarantees had been reduced to about R744 million from R1.1 billion. “Negotiations with various employers are ongoing to ensure that no further calls on guarantees are made. This significantly reduces the contingent liability risk on the business,” the business rescue practitioners said. A number of contractual claims worth more than R200m were being pursued. To date, claims of R34m and the proceeds had gone towards the repayment of finance raised for the business rescue process. With the exception of the employees required to assist with the completion of the contracts (including the various Medupi contracts), and the remaining staff at head office, all other employees had been retrenched. Plant and equipment continued to be sold via auctions. The proceeds would be used to repay finance advanced, retrenchment costs and other business rescue related costs, the business rescue practitioners said. New premises had been found, the Basil Read Campus would be vacated to reduce the costs for the company and its continuing business. An independent sales adviser had been appointed to value the business and to adjudicate on any potential offers received. MULTINATIONAL banking and financial services company Standard Chartered on Friday announced the launch of its digital bank in Botswana, Zambia and Zimbabwe as part of its transformation strategy in Africa, following similar moves in Uganda, Tanzania, Ghana and Kenya during the first quarter of 2019 and in Ivory Coast last year. The expansion comes amid rising demand for wider access to digital services in Africa, which has a growing population and economy. “This is a significant achievement for the bank having now launched digital banks in 8 markets in 15 months of our initial launch in Ivory Coast,” Standard Chartered regional chief executive for Africa and Middle East Sunil Kaushal said. “The growing population of Africa is demanding faster and more convenient banking and it has been very rewarding to witness increased acceptance and a growing demand for our digital products across the continent. | African News Agency (ANA)