An Ekurhuleni-based car rental company is suing the ANC for more than R5.7 million, including interest, after the governing party failed to pay for the 595 motor vehicles it rented ahead of its Nasrec conference, held in December 2017. Sizwe Car Rental, based in Isando, east of Johannesburg, applied to the Pretoria High Court earlier..
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ANC sued by car rental company for failing to pay R5.7 million for 595 cars
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SABC is going down! – Bankrupt ANC regime’s mouthpiece is sinking in debt – SABC shut down offices and retrenches 37% of its staff
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The bankrupt mouthpiece of the ANC, the SABC, plans to close 5 offices and dismiss 37% of their staff. This includes 19 general managers who emphasize the fact that top-level government agencies are overloaded with incompetent, incompetent and incapacitated cadres. If the SABC does not receive further funding from the state, they may end up..
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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-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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Zim government paid $10 million to Eskom to clear debt, receive power import after country left in the dark for up to 16 hours a day without power
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HARARE – Zimbabwe’s energy minister said the country had made a significant payment to Eskom to try to clear its debt and receive power imports from South Africa. This comes amid heightened load shedding, that has seen most areas of the country going for up to 16 hours a day without power. Energy Minister Fortune..
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Employees of thirty municipalities may not receive salaries due to a shortage of funds – caused by lack of skill of councils and mismanagement of funds
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It appears that thirty municipalities do not have enough funds to pay their workers at the end of June. This causes medical aid, pension contributions and other policies to fall in arrears and workers are at risk of discontinuing benefits from providers. The latest report shows that municipalities struggle with debt over billions of rand’s..
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How do you explain it? Only 18 of the 257 municipalities in South Africa are functionally correct
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The Auditor-General, Kimi Makwetu, pointed out the big sore in the economy of the country. In his latest report, he shows that politicians and officials simply ignore his office’s recommendations. The other truth that emerges is that municipal councils do not have the necessary skills to handle finance. Only 18 of the 257 municipalities in..
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Experts say R230bn is not nearly enough to save sinking Eskom and believe leadership leadership and instability is the biggest problem at state entities
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During his speech before the SONA the ANC president, Cyril Ramaphosa, said Eskom could not go down and that the state would see to it that there is enough funds available to keep the entity going. According to experts, its R230bn is not enough to save the failed power supplier. Chris Yelland, a well-known energy..
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SABC financial crisis: National broadcaster faces total blackout
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With uncertainty over whether the SABC will be granted a government bailout, there are now fears that the broadcaster could be forced off air. Things are looking grim as far as the South African Broadcasting Corporation (SABC) is concerned, with fears that the national broadcaster is heading to a complete blackout. Long-standing financial strife in..
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#Blackprivilege! SOWETO RESIDENTS’ ELECTRICITY BILL SURPASSES R18 BILLION – So cut their damn electricity! Why must the white minority subsidise their bills?
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In just six months, Soweto residents’ debt increased by more than a R1 billion, pushing the bill to R18 billion. Eskom said Soweto residents now owe the utility more than R18 billion in unpaid electricity bills. The cash-strapped parastatal has told Eyewitness News the township’s debt increased by R3 billion over a period of just..
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Malema is thumped with debt mounting to nearly R1 million
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With the ruling in the High Court that the Malema group should pay R500,000 to former Minister Trevor Manual, the debt burden becomes almost R1 million to be paid. The EFF’s appeal has been turned down, and the civil rights organization must receive R200,000 for court fees, while another amount has yet to be determined..
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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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China vows to take over Nigeria’s main assets over unpaid Loans – SA perhaps next in line on China’s list?
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Nigerian government is now at risk of losing its main state assets to China over unpaid huge increasing loans from Chinese government. But according to Nigerian government, the growing debt is sustainable, and the country is not at risk of losing state assets to China. Support Us at African Stand by following Us on Facebook..
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Eskom ticking time bomb! – National power utility managed by ANC-regime, debt jumps to nearly R500-billion and is currently the biggest threat to the SA’s economy
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Embattled South African state power utility Eskom’s debt burden, described by Goldman Sachs Group as the biggest threat to the nation’s economy, has burgeoned, compounding the difficulty the government faces in formulating a turnaround plan. The company’s debt is approaching R500-billion, according to data compiled by Bloomberg from public records, including bonds and issued loans,..
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#Rollingblackouts: Further power cuts for Eskom as new Gupta looting details emerge – ANC-regime to plow R23 billion, of taxpayers money, a year into Eskom in order for the utility meet repayments on its R420 billion debt burden
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New documents seen by the Sunday Times reveal how a Gupta-linked company purchased an auditing firm in order to loot from Eskom. The report stated that Trillian bought an auditing firm – Nkonki – which had existing contracts with the state owned company. “Trillian and its former owner, Salim Essa, allegedly used Mitesh Patel, a..
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