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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#ParasiticParastatal Another 59 Billion Bailout Has Just Been Granted To Mismanaged & Corrupt Eskom Gravy Train
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The National Assembly voted in favor of a special allocation bill on Tuesday that allows a bailout of R59 billion to struggling Eskom. The bill was approved by 200 votes to 105 with ANC MPs believing the bill is essential to keep the lights on. These MPs argued that many of them grew up in..
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ANC regime just cant resist the old folks money – State still wants to use pensioners funds as a bailout for bankrupt SOE’s
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The PIC group announced that they will meet in November to consider options to help the bankrupt state entity Eskom with its debt. Pensioners were given the assurance that the value of pensions would not be “wasted”. PIC already carries almost R90 billion of Eskom’s debt and more than one million public servants’ pension is..
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Eskom – in return for R59bn bailout from National Treasury, Eskom must recover Soweto, municipal debt
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National Treasury is set to impose 28 conditions on Eskom in return for a R59bn lifeline to keep the cash-strapped power utility afloat and enable it to pay interest on its mounting debt burden. Treasury updated Parliament’s appropriations oversight committee on the conditions attached to an appropriations bill on Wednesday. The bill, which has not..
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Bankrupt SABC gets R2.1 billion bailout to continue mismanagement, CEO receives excessive amount of R3.9 million for 9 months of work
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Communications Minister Stella Ndabeni Abrahams has just announced that the SABC will receive R2.1bn as part of a R3.2bn bailout. The ANC regime is pumping billions of rand into the ineffective SOE and has now been warned that no further aid will be provided. The struggling national broadcaster once again got money from the state..
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Government employees face 10% salary cut to fund crippling Eskom since National Treasury’s box is empty
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National Treasury director-general Dondo Mogajane has said that the best way to fund the bailout of failing state-owned enterprises could be to cut the salaries of all government employees by 10%, according to a report in the City Press. The government has to find a way to close a R120-billion hole in its budget, which..
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Cash strapped Denel asks ANC regime for cash injection of R2.8 billion to pay employees salaries and remuneration
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Weapon manufacturer Denel is one of several state-owned enterprises (SOEs) found amid allegations of corruption and statecapture. The entity finds itself in a deep financial crisis and was forced to ask government for a R2.8 billion bailout to pay suppliers and outstanding salaries. Public Enterprises Minister Pravin Gordhan announced that the company, with the help..
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Parasitic Parastatal Eskom, paralysing SA as the country runs out of money. Unless considered action is taken, not just talk – South Africa remains on the brink of destruction
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When Finance Minister Tito Mboweni on Tuesday told MPs government would have to review its funding requirements, he put into financial jargon that, actually, South Africa’s running out of money. And Eskom is to blame, in the main. Bluntly put, Tuesday’s Special Appropriation Bill is scraping together R59-billion extra for Eskom — that’s in addition..
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State Treasury plundering continues – your tax money will fund Eskom with a further R59bn
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Eskom will receive a further R59bn bailout over two years from the government to keep the bankrupt power provider standing. This follows the R69 billion already approved for a three-year period. Eskom’s debt currently amounts to R440bn and is considered the biggest risk to the South African economy. How much money is still to be..
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Funds allocated to Prasa will now be used to bailout failed Sanral e-toll systems
SA faces rating crisis due to ANC-controlled Eskom’s gross debt of more than R440bn – How will Ramaphosa overcome this problem without abusing public funds?
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Despite the R230 billion bailout the ANC president promised to Eskom over the next ten years, they are now asking the government for further assistance. At this stage, it appears that the government is going to trade Eskom’s debt for government bonds or through the creation of a special account. According to the Treasury, the..
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ANC regime is going to throw more money funded by taxpayers into the bottomless pit of Eskom, amounts are unknown
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Amidst many promises and assurances before the general election, the lies have triumphed again, as Eskom seems to be getting more money from the government. Stubborn reports indicate that an Eskom delegation has visited the ANC’s president, Cyril Ramaphosa, and some of his cabinet members, and talks have been held in Genadendal. Unconfirmed reports state..
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SABC a sinking ship in a tide of debt – Need R3.2bn bailout to stay afloat
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Faced with an unenviable choice last month – either cough up to service its eight-figure municipality account, or settle the salary bill, the SABC took the high road and paid its staff. And while the lights are still on in Auckland Park, for now, anyway, the broadcaster is desperately hoping a R3.2bn government guarantee will..
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How much taxpayers money has been thrown into SAA’s black hole to stay afloat?
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Billions and billions have been thrown at The South African Airways (SAA), but the airline don’t have much to show for it. It’s hard to recall a time when the limpest of all our state-owned entities was successful on its own two feet. It has a history of relying on fiscal interventions, needing contributions from..
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Economic recession awaits SA due to poor performance of the rand and begging mentality of state entities
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South Africa’s economy is plunging into an abyss, and the recession looms on the doorstep of SA’s door. This is the opinion of an expert in Pretoria following the extremely poor performance of the rand and the begging mentality of state-controlled companies. The latest plea from the SA Airways, asking the ANC-regime for a R4..
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