Trustco: Nice of the boss to write off his R1bn loan

Business

Trustco: Nice of the boss to write off his R1bn loan

Founder Van Rooyen’s magnanimous write-off will provide a huge, but artificial, boost to Trustco’s profits

Marc Hasenfuss

There are not many companies on the JSE – or any other bourse for that matter – fortunate enough to have a huge loan written off by a key funder.

This month Namibian investment company Trustco (https://www.sharenet.co.za/v3/quickshare.php?scode=TTO) announced it was no longer burdened with the payback or servicing of interest of a R1bn loan made to it by founder, CEO and majority shareholder Quinton van Rooyen.

It was only recently that Van Rooyen placed a portion of his shares on the open market to raise funds to make the loan to Trustco...

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