Posts tagged with 'bankrupt'

 

SA 13th Most COVID-19 Infected Country, But The Big Numbers are The Billions Sloshing Around in ANC’s Hands & Pockets!

Posted on Leave a comment

As South Africa surpasses France, Germany, Turkey and Saudi Arabia in confirmed CCP-virus cases, attention is deliberately being diverted from all the cash floating around since the ANC withdrew 500 Billion from the Taxpayer, of which 20 Billion went to NDZ’s corrupt, bankrupt, fraud infested Municipalities! While Mkhize warns that the storm is about to hit and everything from schools re-opening  to mourning over deaths, supposedly from Covid-19, are being utilised to hide what is happening to all the money, which equates to over R8,000 for every single man, women and child in SA! 

The R500 Billion Covid Emergency Fund, which was announced by Cyril Ramaphosa in April, which is intended to help people in need due to the CCP-virus pandemic lockdown, is expected to be investigated for possible irregularities. The SA Special Investment Unit confirmed that they were tasked with investigating the Covid-19 Fund, which is believed to be subject to possible corruption and
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

SOE Alexkor Goes Bankrupt! ANC Cannot Even Make Profit From Diamond Mining? Yet Again, The “Permanently Disadvantaged” Plunder The Golden Goose to Death!

Posted on Leave a comment

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 abroad, 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?

Alexkor’s business is quality diamonds from it’s unique land and mineral resources. The core business of the Alexkor State Owned Enterprise (SOE) is mining of diamonds on land, rivers, beaches and the sea along the north-west coast of South Africa. Alexkor is also involved in allied geology activities as well as residential
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

SA Will End Far Worse Than Venezuela, Because… “Racism”! As Month Long Siege of Barberton Ends, Mainstream Media Continues to Hide ANC’s Socialist Power Grab!

Posted on Leave a comment

POWER ALWAYS CORRUPTS ABSOLUTELY, and in South Africa, it will be no different, it will be far worse, as there is no opposition, because… “racism“! The Liberal mass media blackout of anarchy in rural SA towns like Barberton, which has just been under siege for a month, continues. The silence in the liberal press is strange given their overwhelming endorsement of the forced merger of Barberton and Nelspruit municipalities 4 years ago, which has led to this prolonged unrest.

Barberton was left in chaos after black rioters put the town under siege for a month. The riots followed the enforced amalgamation of the Baberton and Nelspruit municipalities 4 years ago, because the Nelspruit municipality was bankrupt. Rioters were angry over what they said is bad service delivery (although they still voted ANC). The thinking at the time, heavily endorsed by liberal media, for various reasons, was that with one Municipality being bankrupt, and the other one doing relatively wel
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

Journalist Assaulted by Bloemfontein Lawyer Roelie Rossouw While Interviewing Ex Freestate Premier Ace Magashule’s Friend About Overpriced Tenderpreneur Deals With Bankrupt Bloemfontein Municipality!

Posted on Leave a comment

Wheeling, Dealing & Stealing? A controversial Free State tenderpreneur’s lawyer assaulted a journalist after she asked questions about inflated vehicle tenders to Bloemfontein municipality, including a Nyala Riot Vehicle which the Municipality has no use of, and has no Metro Police to even make use it, with a massive mark-up.

Mothebe Wheels has already sold more than a 100 vehicles to the Metro, each with its own mark up on the original manufacturer’s price. David Mothebe had told Netwerk 24 journalist, Marietjie Gericke he will talk with her in the office of his lawyer, Roelie Rossouw, but once the interview started, Rossouw said his client doesn’t have to tell the journalist anything. Gericke asked if she can take a photo of Rossouw and Mothebe, and after they did not answer, she took a photo of Rossouw. He then ran around the desk, violently grabbed Gericke by the arm, grabbed her phone and ran away with the phone and went to hide behind a closed door. This i
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

Bankrupt Bloemfontein Buys Nyala Armoured Riot Vehicle, But Has No Metro Police Force To Use It! Just Another ANC Scam To Rob Taxpayers of R6 Million?

Posted on Leave a comment

THE GOLD AT THE END OF THE RAINBOW NATION: If corrupt ANC cadres could sell sand to an Arab for a Billion, they would! The middleman supplier in Bloemfontein made almost R2 Million profit, supplying just one vehicle, that was not needed and cannot be used, like sand to an Arab!

The bankrupt and under administration Bloemfontein municipality has a brand new Nyala armored riot vehicle, but it doesn’t have a Metro Police force to use it! The man who was appointed as the Metro Police chief, Israel Kgamanyane, says he is now sitting for 2 years in his post as Chief, but he has nobody under him.

He is however unhappy that he was not consulted on the buying of the Nyala vehicle, at a reported price of almost R 6 million. The Nyala was bought through the municipality’s third party middleman supplier, Mothebe Wheels. Conveniently Mothebe supply all vehicles that the Metro buys. Even though there are no staff in the Metro Police, the Metro also bought 10 busses, together w
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

ANC regime has driven SA into bankruptcy over a 25-year period

Posted on Leave a comment

The extremely dire situation in which South Africa finds itself has raised the question of whether it is not yet time to make a survey of everything that has been destroyed in 25 years.

A political analyst points out that the first red light came on when municipalities across the country, all of which had cash stashed  up over years, suddenly turned red in the face of bankers.

Today, there is probably not one municipality that is either totally bankrupt, or hesitates on the brink of bankruptcy.

The debt burden of billions of rand in municipal structures is one of the surest ways that South Africa will look just like Zimbabwe in the foreseeable future – tar roads become dust roads, light fires sometimes, and businesses close their doors, one sooner than the other.

The government is in the same position – the latest shock is that the government has failed to raise R2bn so that the bankrupt SAA can resume its flights.

SAA is bankrupt, Eskom’s R450 billion
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

R200,000 Spent on Luxury Rental Car by Mokopane (Potgietersrus) Mayor Andrina Matsimela, Even Though Bankrupt Town is Under Administration!

Posted on Leave a comment

In another example of #TheAfricanWay, it has been revealed that the bankrupt municipality of Mokopane, which is the old Potgietersrus in Limpopo, has spent more than R200,000 on the rental of a Mercedes Benz C-class for the mayor of the town. Andrina Matsimela has being transported around in this luxury vehicle since July last year.

The municipality has been placed under administration since December last year. A municipality is placed under administration if it can not function on its own anymore. Documents in the possession of Korny Dekker, a DA councilor, proves the payments for the car hire as reported by Netwerk24.

According to information from the Auditor General, the municipality has incurred irregular expenses of R1,17 billion for the last 3 years. There were several violent demonstrations in Mokopane last year which saw residents from the black township march on the municipality and emptying bins in the streets. Shops had to close their doors. The reas
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

Solidarity: Eskom is in crisis due to years of looting, mismanagement and race obsession; asking taxpayers to fund R1.8 billion in performance bonuses is wrong

Posted on Leave a comment

Eskom is in crisis and should be treated as a crisis. The company is hopelessly bankrupt and operationally fragile due to years of looting, mismanagement and race obsession. The new CEO, André de Ruyter, has to be given comprehensive powers similar to that of a business rescue practitioner. If Eskom is not treated as if it is in business rescue, it is going to explode on itself and South Africa.

Asking in court documents that taxpayers should finance R1,8 billion in performance bonuses does not fall within a framework of crisis thinking. We did not have access to the documents, but if they ask for R1.8bn worth of performance bonuses to be financed, it is wrong. Eskom’s bonus policy states that bonuses will only be paid out if the company makes a profit. The policy is also applied in this way. Our members have not received bonuses for the past two years. It is common practice in all companies for bonuses to fund themselves. It should be that way in Eskom as
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

SAA’S business rescue position – Bankrupt SOE will be restructured,no further bailouts to be handed out – Are their wings finally cut?

Posted on Leave a comment

Minister Pravin Gordhan’s stance at a board meeting of the bankrupt SA Airways has sent shock waves, the councilors as well as the shipping company’s worker are totally stunned by the so-called “business rescue position” that will be exercised without any delay.

The minister also confirmed in a statement that the board of the airlines has now adopted a resolution this cash strapped entity will be restructured, and that the government can no longer provide financial assistance.

Experts point out that this is the last effort to keep the state-owned entity standing(SOE), saying SAA’s life could drastically be shortened if they do not retrench about 1,000 redundant workers, and freezing salary adjustments for the next two years.

Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

Parasitic SOE, Prasa also bankrupt? – Eskom threatens to cut power supply to trains due to default in payment

Posted on Leave a comment

This past week, the ANC’s president, Cyril Ramaphosa, had to intervene so that Eskom did not cut off the Passenger Rail Agency of SA (Prasa) power supply.

The power supply would be cut off if the president did not intervene, and Prasa’s power supply for electrically powered trains would be cut off, which would force the rail network to a complete standstill.

Prasa’s default on its power supply is considered to be another bankrupt entity like Eskom and many other state entities.

Prasa is the latest case of the state’s unstable entities, and is attributed to the “self-enrichment” of workers who constantly demand unreasonably high salaries while mismanagement continues unabated.

Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!