Doors close on cash-strapped International Trade Bureau

THE INTERNATIONAL Trade Bureau (ITB) at the OR Tambo International Airport in Johannesburg has closed its doors – dealt the death knell by Absa Bank for unpaid debt. It was a rather ambitious project, launched with a fanfare flourish on February 15 last year. The aim of the R25-million facility, according to the bureau’s original promotion campaign, “was to ensure the continued growth and development of SA’s exports”. It was designed to showcase 122 SA export companies, representing the country’s 14 major industry sectors. But financial things went seriously wrong, and sponsor Absa pulled the plug. Patrick Wadula, head of media relations at Absa, told FTW that the bank had indeed entered into a sponsorship agreement with the ITB. “However,” he added, “the ITB breached certain of the terms and conditions of the sponsorship agreement – and the agreement was subsequently cancelled. “Absa Bank is in this regard presently considering all legal recourses available to it, and not in a position to provide any further comments.” OR Tambo’s operator, the Airports Company of SA (Acsa), is also out of pocket on what originally seemed to be a rather good use of a well-situated part of its premises – between the car park and the front entrance to the terminal – according to Andre Gouws of Acsa’s property division. “We’re out millions in unpaid rent,” he told FTW. But the company already has plans to re-develop the space, he added. “We’ve got some interest from companies with regard to conferencing there,” he said. “If this idea is not concluded, we will put out a request to the business market to suggest other options.” Whatever, Acsa will not have a hands-on function, but will be looking for a new operator, Gouws told FTW.