Thursday, September 24, 2020

First National Bank moves on

The effect of the collapse of one of the county’s giant haulage companies, Africa Express, is less than was initially expected. From a bank lending exposure perspective, FNBB Limited is exposed to African Express to an extent of less than P1.4 million.

This followed revelations that the Managing Director of Africa Express, Nab Graorac, upped and skipped the country recently, leaving behind a company that had collapsed under millions of pula debts owed to Barclays Bank and the First National Bank of Botswana. It is currently not clear who the other creditors affected by the Africa Express saga are.

Bomolemo Selaledi, Head of Marketing and Communications, said, “All the funding or loan extended to Africa Express was secured.” Against this background Selaledi said, “All FNBB Limited customers and corporate clients need not be disturbed by the Africa Express incident as it will not have any impact on the Banks day to day services and operations.”

About 200 employees of the company remain in limbo without any indication that they will ever get their terminal benefits or salaries for the month of May, after the Financial director, Mr Raj, and Accountant, Chaminda Samarakodi, also vanished into thin air without any sensible communication with other junior managers of the company.

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