Global Technology (Glotec) has announced plans to sell off its banking software and professional services business to a consortium headed by Ray Leonard – the latest in a series of increasingly desperate steps to restore the ailing group to profitability.

Together with this news, Glotec announced that Leonard has stepped down as CEO and that former Tiscali South Africa CEO, Graeme Victor, has replaced him. Details of the deal were sketchy at the time of going to print and Glotec`s Sens announcement raises far more questions than it answers.