FNB, Absa close Bosasa bank accounts

accreditation
Former president Jacob Zuma with Bosasa CEO Gavin Watson. (Supplied)
Former president Jacob Zuma with Bosasa CEO Gavin Watson. (Supplied)

First National Bank (FNB) and Absa have informed beleaguered facilities management group Bosasa that their bank accounts will be closed.

News24 has independently confirmed that FNB, the controversial group's long-time banker, is severing ties with the company led by CEO Gavin Watson.

Absa is also cutting ties with the group, as well as the family trust account of former chief operating officer Angelo Agrizzi.

Absa spokesperson Songezo Zibi told News24 that the bank does not comment on issues surrounding its clients.

READ MORE: Bosasa confirms its liquidation after banks pull out

FNB similarly declined to comment, citing client confidentiality.  

Agrizzi has turned against Watson and Bosasa, now trading as African Global Operations, and has testified about the company's alleged decade of state capture before the Zondo Commission. 

eNCA is reporting that the banks' decision has caused Bosasa to go into voluntary liquidation, meaning 4 500 employees will lose their jobs.

KEEP UPDATED on the latest news by subscribing to our FREE newsletter.

- FOLLOW News24 on Twitter

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
President Ramaphosa has punted the idea of mandatory Covid-19 vaccinations for South Africans. This is:
Please select an option Oops! Something went wrong, please try again later.
Results
The right thing to do. We desperately need more South Africans vaccinated to prevent further mutations and restore normality in our lives.
72% - 7696 votes
A risky strategy. Compulsory vaccinations may have unintended consequences and damage our rollout campaign.
28% - 2995 votes
Vote
Rand - Dollar
15.87
+1.2%
Rand - Pound
21.12
+0.8%
Rand - Euro
17.95
+1.2%
Rand - Aus dollar
11.26
+1.3%
Rand - Yen
0.14
+1.3%
Gold
1,767.41
-0.8%
Silver
22.33
+0.1%
Palladium
1,756.50
+0.7%
Platinum
938.50
+0.3%
Brent Crude
68.87
-0.5%
Top 40
64,555
-0.4%
All Share
71,021
-0.3%
Resource 10
67,557
-0.5%
Industrial 25
93,673
-0.4%
Financial 15
13,890
+0.1%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE