The South African Reserve Bank SARB has applied to the High Court for an order to liquidate Ditsobotla Primary Savings and Credit Co-operative Bank Limited situated in Lichtenburg in the North West.
This follows an earlier decision by the finance minister, based on the recommendation by the SARB, to place the bank in resolution.
Since then, an in-depth assessment was done which found that Ditsobotla Banks financial position was significantly worse than previously reported.