Difficulties at retailer, Steinhoff, underline that investors need to be mindful of credit risks in South Africa.
At South African banks, details are sparse on loan amounts, undrawn commitments or collateral backing on individual exposures.
European and US banks have exposure to Steinhoff.
Total exposure to lenders and other creditors was almost 18 billion euros ($21 billion) as of the end of March.
Banks also have exposure to Steinhoff through loans provided to Chairman Wiese's investment vehicles. Last year, Wiese pledged 628 million of Steinhoff shares (now worth 80% less) as collateral to borrow money from US, European, and Japanese banks.