If ever there was a business that should be a cash cow for the ANC government, diamond mining is it, well, maybe it is, directly into their back pockets! The ongoing weakness and current record low Rand value means record high prices for Alexkor’s diamonds, which come from a vast resource of 90-95% gem-quality diamonds which exists off the west coast of Southern Africa. In fact it is so precious the entire area is off limits to the public, yet still the ANC government manages to make it bankrupt? Alexkor joins the long list of almost every single other SOE going bankrupt, begging the question to be asked, whether this is deliberate?
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SOE Alexkor Goes Bankrupt! ANC Cannot Even Make Profit From Diamond Mining? Yet Again, The “Permanently Disadvantaged” Plunder The Golden Goose to Death!
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14 SOEs rack up more than R1.4 billion in irregular expenditure
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Auditor General (AG) Kimi Makwetu said not one of the 14 big state-owned entities (SOEs) audited by his office received a clean audit, a poorer outcome than last year. Makwetu was revealing the results of the national and provincial audits for the past financial year at Parliament on Wednesday. He said the financial health of..
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National Treasury gives SA Express a R300 million bailout
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The National Treasury has just announced that it has committed R300m to drag the bankrupt SA Express airline of its financial difficulties. The company’s Chief Executive Officer, Siza Mzimela, disclosed the information to the media. The airline company needs the R300m guarantee to keep its wings up and does not have the ability to obtain..
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#ParasiticParastatal – SA Express is just another bottomless pit swallowing taxpayers’ money
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It is disturbing to realise that recently another enormous lifeline was quietly given to SA Express while all the attention was on Eskom, the SAA and the SABC. According to the Free Market Foundation, SA Express received a lifeline of R1,24 billion from the government in November last year and was now given government guaranteed financing amounting to R300 million.
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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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Once again taxpayers will have to pay for the sins of the ANC-regime – SAA, Post Office and other ailing SOEs to receive billions in cash-bailouts
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Finance minister Tito Mboweni has announced a R9.1-billion bailout of struggling state-owned companies such as national carrier SAA and regional airline SA Express. In his first medium term budget policy statement to parliament on Wednesday‚ Mboweni announced that the troubled SAA would once more be recapitalised by the taxpayer to the tune of R5-billion. This..
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Airlaine SA Express has been grounded amid serious safety concerns
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The South African Civil Aviation Authority suspended the airline’s operating permits on Thursday‚ saying: “This effectively means that as of today … SA Express can no longer continue to operate as an airline.
Nine of SA Express’s 21 aircraft also had their certificates of airworthiness withdrawn.
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