The curtain was finally brought down on Bosasa’s corruption enterprise as the company announced it was going into liquidation after it was reported that banks – FNB and Absa – were closing the company accounts, as well as the accounts of the whistle-blower and former bag-man Angelo Agrizzi, says a Daily Maverick report.

For nine days in January and February 2019, Angelo Agrizzi exposed the empire of corruption that Bosasa had built and which reached high, and deep, into the ANC. FNB told Bosasa – now known as Africa Global Operations (AGO) – it would close all accounts of the facilities management company by the end of February. Absa hosts Agrizzi’s trust accounts and it is shutting those, too, according to News24.

AGO said it had received formal notification from its financial institution of the decision to distance itself from the group, notes a Business Day report. ‘To avert a situation whereby the group would not be able to further operate as of 1 March 2019, the African Global group board applied with various financial institutions, locally and internationally for a trading account,’ it said.

‘The extensive reputational damage in the past few months, occasioned by negative media reports, has resulted in financial institutions’ determination that the African Global group poses a reputational risk for them as client.’

AGO said the decisions made by the financial institutions were not based on the company's liquidity status, financial stability, operational performance or growth forecast. However, it said ‘tragically’ the company would not be able to trade without a bank account. The company said more than 4 500 employees would lose their jobs, and it had more than 100 unemployed black youths on learnerships and internships.

Full Daily Maverick report

Full News24 report

Full Business Day report