Thando Maeko
3 minute read
12 Feb 2021
5:31 am

Fruitless Land Bank needs greater oversight to address woes

Thando Maeko

Subsidiaries are also experiencing financial difficulties.

A farmer seeding a land. Picture: AFP

The Office of the Auditor-General (AG) has called for greater oversight over the affairs of the Land Bank to ensure that its liquidity challenges are addressed and the “audit action plan to address the disclaimer is monitored and implemented effectively”. The ailing state-owned agricultural bank received a “disclaimer of opinion” from the AG for the year 2019/20 because it could not express an opinion on the credibility of the bank’s financial statements. In the previous financial year, the Land Bank received an unqualified audit opinion with findings, but has regressed to a disclaimer with findings in the latest financial year....