The state-owned bus company Northwest Transport Investments, which transports more than a million people a day, is seeking a bailout of R350 million. The transportation of hundreds of thousands of commuters mainly in the North West and Gauteng provinces and more than 1,600 jobs are at risk due to the financial distress of parastatal Northwest..
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State-owned bus company seeks R350 million bailout
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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government
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It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament. Ramaphosa’s exact words were: “Our resources are now depleted.” In simple terms, this means the government has run out of money. In a normal country, such a statement by the head of..
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Hostage drama continues – Eskom holds ANC regime prisoner, parasitic parastatal seeks further R59 billion to squander
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The hostage drama in which Eskom has captured the ANC regime has now reached its highest point of arrogance. With a new demand to get R59bn intended for the next two years for mismanagement, all reasonable limits have completely surpassed, say economic experts and informed businessmen. Eskom’s debt burden is already so high that there..
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Ramaphosa approved new law that frees debt burden of millions of people – however, it is speculated that whites will be excluded from new legislation once again
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The new law, which has just been passed by parliament, could mean that almost 10 million people’s debts may be written off. The law, which is seen as a benefit of predominantly black people, who incurred debt while their income is such that they cannot pay the debt, was of particular concern to the bankers.
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ANC-managed Victor Khanye municipality apparently owes more than R100m to water, and about R46m to electricity – residents now demand to know who are the culprits stealing all the money
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“We all pay our municipal bills regularly, who are stealing all the money”, is the question now asked by Delmas and local residents after it became known that millions of rand are in arrears on water and electricity. The Victor Khanye municipality, which includes Delmas, apparently owes more than R100m to water, and about R46m..
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Nedbank scraps debt of R14 million to so-called disadvantaged pensioners but cannot confirm whether white people will also be accommodated
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Nedbank has written off debts owed by pensioners, disabled people and homes managed by children. People who owe less than R150,000 to the bank and whose municipal debt is less than R10,000 are affected by the write-off. Nedbank could not confirm whether white pensioners would also be accommodated. Thirty-three title deeds were handed over by..
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ANC-controlled city council of Vredendal wants to borrow R10 million from Standerd Bank – ANC ruling party is sinking deeper and deeper into debt!
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The ANC-controlled City Council of Matzikama (Vredendal and the surrounding area) will request approval at a Council meeting for taking an external loan at Standard Bank of R10 million. The loan is in part financing of its 2018/19 capital budget. No further information is known about the term, repayment amount, interest as well as how..
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Once again taxpayers will have to pay for the sins of the ANC-regime – SAA, Post Office and other ailing SOEs to receive billions in cash-bailouts
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Finance minister Tito Mboweni has announced a R9.1-billion bailout of struggling state-owned companies such as national carrier SAA and regional airline SA Express. In his first medium term budget policy statement to parliament on Wednesday‚ Mboweni announced that the troubled SAA would once more be recapitalised by the taxpayer to the tune of R5-billion. This..
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Department Of Home Affairs In Hot Water Over Unpaid R794m It Company Invoice
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‘The Star’ newspaper is reporting that Double Ring Trading was owed R67m by the department back in 2009, but the amount has now increased to R794 million, which liquidators are trying to retrieve. The Home Affairs Department has confirmed it has been subpoenaed to appear in court about an unpaid invoice to an IT company..
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Eskom nearing collapse, senior officials jump ship
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Eskom, South Africa’s national power utility, may be unable to avoid a complete restructuring process in order to avert total collapse. This has been confirmed by the National Energy Regulator of South Africa (NERSA), high-level executives within the company and energy experts. According to a report by Moneyweb, Eskom only narrowly avoided load-shedding this week,..
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Is that so? – South Africans not paying TV licenses blamed for collapsing the SABC
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According to Deputy Communications Minister Pinky Kekana, an SABC TV license is great value for money. Deputy Communications Minister Pinky Kekana has called on South Africans to pay their TV licenses in order to save the SABC from complete financial collapse. Kekana made her impassioned plea before Parliament’s communications committee on Tuesday. The Deputy Minister..
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SARS does not have the ability to recover 40% of R143 billion in outstanding tax, can you trust any of the country’s government systems?
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It appears that the South African Revenue Service (SARS) does not have the ability to recover 40% of R143 billion in outstanding tax. SARS is involved in disputes or debts that are outstanding for more than four years. SARS said it is going to concentrate on the 60% that they may be able to recover…
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Junk status looms after mid-term budget fails to inspire confidence – It is not looking good for SA
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Economists have warned that South Africa could be in line for a credit downgrade to junk status – possibly before the end of the year. Their fears come in light of Malusi Gigaba’s mid-term budget speech, delivered to parliament on Wednesday. “It is not in the public interest, nor is it in the interests of..
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