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September 19, 2010

South African Land Bank begins to leave controversial past behind

The Land Bank has turned the corner and reached a new milestone, South African Finance Minister Pravin Gordhan has said.

Speaking at the financial results presentation of the Land Bank,  Gordhan said that the bank had changed for the better compared to two years ago when it was "in a disastrous state."

Group profit was R354 million rand compared to a profit of R145 million in 2009 while the net cash surplus declined to R1.9 billion from R3.5 billion in 2009.

The Land Bank has previously been involved in allegations of corruption and mismanagement of funds.

Gordhan said that since the new management took over the bank, it has been improving.

He called on the board and executive managers to now focus on developing the South African agricultural sector.

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