The state-owned agricultural bank defaulted on its debt in April 2020 and missed a restructuring deadline in March 2021. It has so far failed to agree a "liability solution" to emerge from default.
"The last version of the liability solution was rejected by lenders. The board is currently developing a new liability solution which is planned to be concluded and implemented by 30 September 2022," the treasury said in a presentation to parliament.
It said the finance minister had appointed a new board of directors at the bank in December and that the process of recruiting a permanent chief executive was under way after the previous CEO left the company in April.
The R7bn ($451.34m) bailout allocated to the Land Bank in last year's budget would not be transferred until the bank and its lenders agree on the debt restructuring plan, the Treasury said.
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