The ANC-controlled Mangaung Metro faces junk status after Moody’s rating agency said further downgrading would be considered if the municipality do not urgently get its household in order. The Bloemfontein municipality is in truth already bankrupt with liabilities exceeding assets of nearly R1bn and with over R6bn of outstanding debt. In fact, Moody’s indicated..
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Junk status winks for Mangaung Metro with liabilities exceeding assets; officials receive generous salaries and cellphone stipends, while levels of service delivery are non-existent
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Bankrupt SA’s bankrupt governors – taxpayers’ contribution to the treasury is recklessly ransacked
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While everyone is encouraged by the ANC regime to help build the economy, so-called governors are making the taxpayers’ contribution to the Treasury wastefully wasted. If R750m from the empty treasury is dumped to renovate the homes of ANC ministers and deputy ministers and even pay thousands of Rands for dog kennels, it’s no wonder..
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Edcon group, which owns Edgars, may be bankrupt
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The Edcon group, which owns Edgars, has denied reports that the entity faces liquidation. A statement says that the group is experiencing financial difficulties, but is negotiating between shareholders, suppliers and landlords in an effort to save the company. The same statement states that there will be no job losses, but there will be fewer..
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SA Express: ANC-government is pouring billions of taxpayers money into a black hole – aircraft lie idle in hangars because they are too unsafe to fly
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SA Express is losing more than R1 million a day, paying leases on aircrafts that lie idle in hangars because they are too unsafe to fly. This all is funded by the South-African taxpayer. In the week that Finance Minister Tito Mboweni announced a R1.2 billion bailout for the sinking state-owned airline, five senior aviation..
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A TYPICAL SOUTH AFRICAN BRAIN TEASER – how are they going to spin the VBS bank debacle in such a way that the white man is to blame for all of this?
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Black people in South Africa are poor, uneducated and unemployed. The EFF says it is because of “white monopoly capital”. The ANC says it is the result of “apartheid”. Mmusi Maimane of the DA blames “White privilege” – all just variants of the same thing: Blame the 8% politically powerless white minority. So, now to..
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VBS Mutual Bank fires workers – staff members are now being penalized for actions that was made by the bank’s corrupt management and directors
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VBS Mutual Bank has fired 94 employees, leaving the bankrupt bank with 26 staff members. Nearly R2 billion has been deceptively paid to individuals and institutions, especially officials from municipalities who have insured that funds are invested at the bank. Branches are closed and only Thohoyando and Makhodo branches will operate. The dismissed workers are..
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Bankrupt Mangaung Metro does not have money for service delivery, but can spend a whopping R4.5 million during a festival
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Despite assurances that the bankrupt Mangaung Metro did not give money to the Macufe Festival, Netwerk24 has reliably learned that R4.5 million has been paid to the organizers. Executive Mayor Olly Mlamleli apparently requested a R4,5 million check for payment to C-Squared. C-Squared organizes the Mangaung Arts and Cultural Festival, which has just been held..
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Fraud and theft behind SAA bankruptcy – SAA’s debt is currently R15 billion more than its assets, and banks will no longer lend the airline any money
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While the airline is required to present its financials by the end of the month, it cannot do so as it’s technically bankrupt. A report in The City Press on Sunday documents the massive financial problems of state-owned airline South African Airways (SAA). According to the report, SAA’s debt is currently R15 billion more than..
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R59 million of taxpayers money will be spent to bail out bankrupt state entities
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Despite repeated assurances that bankrupt state entities will not be helped out again, Cyril Ramaphosa and the Cabinet announced that R59 million of taxpayers money will be spent to prevent entities such as SAA, SABC, Post Office and SANRAL, that are unable to pay their bills, from collapsing. SANRAL can no longer borrow money, the..
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Billions and billions of Rands are pumped into the SAA ‘black’ hole
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The already struggling and bankrupt SA Airline received a further rescue buoy of R5 billion of taxpayers’ money from treasury.
SAA has not shown any profit for the past six years and state aid has so far already reached R20 billion.
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