The competition to get SAA free will now begin, which the weakest state-controlled entity now has literally no value. The government’s inability to live up to its promise and make another R2 billion available to SAA as the largest rescue buoy has now made the entity very shaky. Salaries for January can still be paid,..
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SAA crisis becomes ANC nightmare – No banking institution wants to borrow R2 billion for bankrupt government-controlled entity
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Brics Bank borrows bankrupt Eskom ‘R6 billion’ for battery system – Will the SOE ever be able to repay the loan and what happens if he is unable to do so?
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The bankrupt power provider has obtained a loan from the Brics Bank carried by five counties in the world, of which South Africa is one. Eskom has secured a loan of R6bn with the aim to “store” electricity, which will work through a battery system. The system will allow Eskom to store 360 MW across..
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Pay back the money Zuma! – Nkandla in VBS liquidators’ vision – cough up R7m or lose Nkandla
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The ANC’s Jacob Zuma is in a big financial crisis with his multi-million Rand loan he received from bankrupt VBS Mutual Bank and now has to pay back the money. Along with that, there are the million Rand court costs to be paid while more court cases are being filed in an effort to be..
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Nedbank pockets R780m from the parastatal Transnet -Nedbank is the latest in a long list of private sector companies to be implicated in state capture
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The banking sector will be rocked by allegations of corruption this week, when Transnet tells the commission of inquiry into state capture about Nedbank’s involvement in a controversial deal which saw the bank pocket R780 million from the parastatal. This week, Transnet’s acting chief executive, Mohammed Mahomedy, will appear before the state capture inquiry where..
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Eskom in deep trouble as China withholds crucial R7-billion loan – partial loan to be paid out by China to bankrupt Eskom never occurred due to fears that bankrupt state entity would use money to pay salaries
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China is withholding a R7-billion payment meant to help Eskom combat its current financial issues due to fears that the power utility will not complete its power station construction projects. According to a report in the City Press, the Chinese Development Bank (CDB) has become wary of Eskom’s promises and is concerned that it will..
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Struggling airline under ANC control is apparently under extremely difficult financial circumstances and will now be rescued by commercial banks – This is the result of corruption and incompetence, celebrated in the ANC ranks
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South African commercial banks are basically prepared to help the instable SA Airways with R3.5bn as a lifeline. The struggling airline needs the funds very urgently to meet his short-term obligations. SAA’s Chief Executive Officer, Vuyani Jarana, says the amount is needed to maintain its operational duties until April. Jarana, says it is clear that..
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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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Desperate times calls for desperate measures, but is this the right thing to do? After all financial losses occurred due to incompetence, negligence and corruption – SAA is borrowing R3.5bn from local banks
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South African Airways (SAA) received a R3.5bn loan to keep it going until the end of March. This forms part of the R21,7 billion SA management believes is needs to make its turnaround strategy succeed. SAA spokesperson Tlali Tlali confirmed the R3,5bn was received from local banks. This comes after National Treasury gave R5bn to..
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Bank that lent Zuma money to repay Nkandla upgrades under curatorship
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VBS Mutual Bank has been placed under curatorship.
South African Reserve Bank (SARB) Governor Lesetja Kganyago announced this late on Sunday afternoon at a media briefing in Pretoria.
The bank came under the public spotlight in September 2016 after it gave former president Jacob Zuma a loan to repay R7.8-million as ordered by the Constitutional Court for non-security upgrades at his private Nkandla homestead.
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