Midrand (South Africa), Aug 18 - South Africa's troubled Land Bank has effectively managed to steer clear its financial woes with the government help, BuaNews reported citing Finance Minister Pravin Gordhan.

The government had taken control of the management last year after alleged misuse of funds by senior officials of the bank.

Four audits have since been commissioned. The findings of the investigation were submitted to the Serious Economic Offences Unit of the South African Police.

'I understand the Bank is now out of ICU (intensive care unit) but they will still have to convince all of us that they will get out of hospital as soon as possible,' Gordhan said Monday.

'I am confident the new management team, under the direction of the Board, will charter the bank safely through the challenges that lie ahead,' the minister said at the launch of the bank's annual results.

He said he was keeping a close eye on the investigation into what went wrong at the Land Bank.