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EDUCOR in liquidation crisis as Nedbank takes action

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Educor, a private higher education group already grappling with the deregistration of four colleges, faces further challenges as Nedbank seeks to liquidate one of its property arms due to outstanding loans.

The liquidation bid intensifies pressure on Educor, which also owns City Varsity, Damelin, ICESA City Campus, and Lyceum College, along with four property companies. This development comes amidst student backlash following the Department of Education’s decision to deregister the four colleges over financial reporting failures.

Between May 2016 and August 2018, the bank issued three loans totalling R46 million to Lococo 3. To accommodate repayment, the loan terms underwent multiple revisions. Lococo 3 asserts that the Covid-19 pandemic severely impacted Educor’s financial stability, citing restrictions on student attendance at lectures and residences.

 

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