last three months
11 December 2007
There has been significant progress in turning around the Land Bank in the
last three months following the finalization of the Forensic Audit Report.
These, among other things, include:
1. an unaudited R200 milllion net profit generated from its operational
activities
2. upgrading of the Bank's rating from AAâ to AA+ with respect to long-term
borrowing by FITCH International Rating Agency, and
3. improvement in the organisational culture and behaviour in the bank and as
such employees are highly motivated to work as a result of the management and
direction of the new Board.
The Minister for Agriculture and Land Affairs, Honourable Lulu Xingwana, as
the Minister responsible for agriculture in terms of the Land and Agricultural
Development Bank Act, No.15 of 2002 said she was satisfied with the latest
developments at the Bank and accredited the successes to monitoring and control
systems put in place in a short space of time by the current Board and
management.
In an effort to strengthen the governance and the management of the Bank,
the process of appointing a new CEO and additional Board members has
started.
As a follow-up to the implementation of the recommendations of the Forensic
Report and the Cabinet Resolutions, the referral of the forensic report to the
South African Police Service (SAPS) and the National Prosecuting Authority
(NPA) has been put in abeyance until the completion of the internal
investigations as directed by Cabinet.
Enquiries:
Godfrey Mdhluli (Media Liaison Officer)
Cell: 079 871 5437
Tel: 012 319 6843
Issued by: Ministry of Agriculture and Land Affairs
11 December 2007
