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Capprec optimistic about GovChat despite CEO's resignation and R56m loan write-off

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The impairment of Capital Appreciation's loan was followed by the shock exit of GovChat founder and CEO, Eldrid Jordaan and the company's chief data officer.
The impairment of Capital Appreciation's loan was followed by the shock exit of GovChat founder and CEO, Eldrid Jordaan and the company's chief data officer.
GovChat

ICT group Capital Appreciation (Capprec) has decided to be 'prudent' and write off its R56.3-million loan to GovChat, which comes as the government engagement platform's legal battle with Meta-owned WhatsApp drags on.

A few days after the company announced its intentions to impair the loan on Friday, GovChat founder and CEO, Eldrid Jordaan and the company's chief data officer resigned on Monday.

Capprec bought a 35% stake in GovChat – a government messaging platform – in 2019, just a year after the company was founded, and says it is holding on to this stake. As GovChat grew and was adapted to become a platform for South Africans to apply for social grants and government relief programmes, it hit a massive roadblock. 

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