South Africa’s state-owned diamond mining enterprise Alexkor is desperately in need of cash to pay expenses, but does the struggling entity deserve more funding? Its marine-based concessions stretch from Alexander Bay to Port Nolloth, while its land-based concessions span the equivalent of 865km2. It mines the latter through its Pooling and Sharing Joint Venture (PSJV)..
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Alexkor, SA state-owned diamond company is on life support
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State-owned bus company seeks R350 million bailout
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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 Denel has cash flow problems and can only pay workers a portion of their salaries
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Denel said that they could only pay employees 85% of their salaries for the work done in the month of June. Group Chief Executive Officer, Danie du Toit said in a statement, “The management of Denel is working tirelessly to ensure that delayed portions of salaries will be reimbursed to employees as soon as possible.”..
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You, the taxpayer are going to pay for Eskom’s failures and probably Soweto’s debt too – Tax increase on the cards
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President Cyril Ramaphosa said in his recent state of the nation address that Eskom is facing serious financial, operational, and structural problems. While Eskom has sufficient cash to meet its obligations until the end of October 2019, its financial position remains a matter of grave concern. “For Eskom to default on its loans will cause..
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No wonder the state-owned weapon manufacturer Denel, is currently experiencing financial problems and faces bankruptcy – Head of finance fired after allegedly found guilty of fraud and unlawful use of funds
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The state-owned arms manufacturer Denel has fired his head of finances, Odwa Mhlwana, after he was allegedly found guilty of fraud and unlawful use of funds. Denel has now appointed Wim de Klerk in the position. He is currently the former CEO of ArcelorMittal and will soon begin his duties in the new post. Mhlwana..
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South Africa’s churches are not indemnified from land expropriation without compensation, EFF calls for it to be declared state property
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The EFF said in a statement that churches owned large parts of the land and that these land should now be declared state-owned. Observers point out that when we speak about land expropriation , absolutely no land will be safe as soon as the process begins. The agricultural organizations and other parties who are following..
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Gupta-linked finance chief of Eskom Anoj Singh- suspended
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State-owned power utility Eskom has suspended its chief financial officer Anoj Singh on a precautionary basis‚ pending the outcome of a forensic investigation. The suspension‚ The Times has learned‚ follows an urgent intervention by Finance Minister Malusi Gigaba and his counterpart at Public Enterprises Lynne Brown. This comes after Eskom was faced with a threat..
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