Browsing: Air Africa

Stanbic Bank has been extensively named in a regional airline’s woes. South Sudan based Air Afrik says it will send home an estimated 200 employees home due to loss of business occasioned by the lenders’ faults.

The carrier hit major turbulence following the loss of a $20 million plane-leasing contract with the government of South Sudan.

Since the loss of the contract and court case against Stanbic Bank the company has been reviewing its process; fitting people into the right jobs and in the process, some roles have become redundant.

“We understand this is a challenging time for our team, but these steps were necessitated following Stanbic Bank’s negligent errors, oversight and unlawful actions,” the company said in a statement

The court case stems from a banking transaction gone awry. According to an official letter to the Central Bank of Kenya, the South African-owned bank admits to having regrettably made