No one minds when it’s the big banks over a barrel. It’s deliciously novel. But who believes that’s where this dispute will stay?
says the precipitous decline of cash has left it without enough work to keep the trucks on the road. To remain operational, it wants its customers – that is, the major banks and retailers – to pay more for its services.
The merger was completed in September. By October, Armaguard was crying poor, saying it couldn’t continue without financial support.Yes, the use of cash is precipitously declining. But this is no new phenomenon. It was certainly already the case last year when Armaguard accepted the undertaking. Three months later, it was already chaffing under its strictures.
It took the banks, the Reserve Bank and others some four months of negotiations to last week offer Armaguard a six-month, $26 million lifeline. It was rejected.
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