The ANC government’s Minister of Transport, Fikile Mbalula, has just announced that his Department is looking into the possibility of expanding shipping and the ships will be managed by their incompetent department. Informed sources say the announcement comes simply as a distraction after it became known that Prasa is also bankrupt like almost every other..
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Another stupid plan on the incompetent ANC’s table – Regime now wants to expand and manage shipping, while all the SOE’s are total failures
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SA’s economic decline has happened by design – The ANC’s obsession with disproved socialist/communist practices is at the root of the problems
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All the plans devised to reignite the economy of the country will be stillborn so long as the ANC continues to pursue its socialist/communist programme. Even as Tito Mboweni proclaims his plans for the recovery, the ANC persists with its plans for expropriation of property without compensation, compulsory equity transfers, control of the “commanding heights”..
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Transnet wasted almost R50 billion, most of which is used to buy trains that cannot be used in SA
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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Irregular expenditure by ANC-parastatale entities increases to R61,3bn – only a stupid foreign investor will invest in SA
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Auditor-General Kimi Makwetu warned the government that further bailouts to state entities would increase the budget deficit and lead to credit downgrades. The state advanced R446 billion in the 2018/19 financial year to eleven state-owned entities. Irregular expenditure increased from R51 billion to R61.3 billion. A financial expert said in response to the alarming spending..
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South Africa: The collapse of all State Owned Entities such as Eskom, SAA, SABC etc are all falling apart due to corruption, incompetent management as a result of BEE and government interference
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SOE’s such as Eskom, SAA, SABC etc are all falling apart due to exploitation, unskilled management thanks to BEE and government interference. The sensible solution would have been privatization, but that is absolutely not within the Socialist, Communist framework of the ANC government. The following was reported on Social Media on 17 March 2019: SAA..
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No wonder the state-owned weapon manufacturer Denel, is currently experiencing financial problems and faces bankruptcy – Head of finance fired after allegedly found guilty of fraud and unlawful use of funds
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The state-owned arms manufacturer Denel has fired his head of finances, Odwa Mhlwana, after he was allegedly found guilty of fraud and unlawful use of funds. Denel has now appointed Wim de Klerk in the position. He is currently the former CEO of ArcelorMittal and will soon begin his duties in the new post. Mhlwana..
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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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ANC regime exploiting taxpayer’s money more and more – Treasury writes off R23 billion, SAA will get more money
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The Treasury has announced that it has written off almost R23 billion of government’s SA investment. In the previous financial year, R13 billion was written off and Treasury expects SAL to show losses until 2020. According to economists, it is clear that state-owned entities are exploiting taxpayers hard earned money and that these enterprises are..
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Black business group claims that Gordhan must go due to his actions against black managers and state-owned entities
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The Radical Economic Transformation (RET) group has demanded that the ANC should dismiss Pravin Gordan as minister as a result of his actions against black managers and state-owned entities. This group, known for their support to Zuma chief, shows through this action their support of fraud and bribery as long as it is black business..
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So it is Day One for the state capture inquiry to get underway
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The highly anticipated judicial commission of inquiry into state capture — headed by Deputy Chief Justice Raymond Zondo — will kick off on Monday in Parktown, Johannesburg.
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Zuma: State capture commission must investigate all state corruption, focus on Guptas
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President Jacob Zuma wants the state capture commission of inquiry to investigate all forms of government corruption, including allegations against him, his Cabinet ministers, the Gupta family and state-owned entities. In the terms of reference seen by News24 on Thursday, Zuma says the commission must investigate whether, by whom and to what extent attempts were..
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Total collapse of state-owned enterprises under Minister Brown
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The Democratic Alliance’s Natasha Mazzone has, once again, slammed Minister of Public Enterprises, Lynne Brown. Eskom remains in the spotlight. The Democratic Alliance’s Shadow Minister of Public Enterprises Natasha Mazzone has become quite a political “big name” over the last few months. Her grilling of Lynne Brown during the Eskom inquiry gathered particular attention. Now,..
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Parastatal waste equals tax shortfall: Treasury will need to find new resources to close the budget gap
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The R50‑billion shortfall in tax revenue that the treasury will need to find elsewhere to plug the budget gap is close to how much state-owned entities (SOEs) have thrown down the drain in the past financial year. The auditor general, Kimi Makwetu, released national and provincial audit results on Wednesday. Although the number of clean..
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