Posts tagged with 'money'

 

Bankrupt SABC gets R2.1 billion bailout to continue mismanagement, CEO receives excessive amount of R3.9 million for 9 months of work

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Communications Minister Stella Ndabeni Abrahams has just announced that the SABC will receive R2.1bn as part of a R3.2bn bailout. The ANC regime is pumping billions of rand into the ineffective SOE and has now been warned that no further aid will be provided.

The struggling national broadcaster once again got money from the state coffers to continue its mismanagement. However, the government apparently set strict conditions before the money was released. The conditions include that the public broadcaster must present a list of identified initiatives to improve its inputs, submit ideas to save costs as well as conduct a thorough investigation into the cause of its financial collapse and a separate financial reporting for providing public and commercial broadcasting services. Abrahams says that the SABC currently meets most of the conditions set by the government.

Meanwhile, experts say that the SABC should first get rid of its weakest divisions, but its sale will
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SA taxpayers are among the highly taxed in the world – and it could get worse

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Economists say we will most likely see an increase in personal tax and the fuel levy, as government tries to ramp up tax collection.

They say government is running out of options to raise money after SARS missed its collection targets over the past few years.

Analysts say it’s now a certainty that SARS will miss its collection target yet again.

Last year the revenue service missed its target by R57-billion.

South Africa’s per capita economic growth remains negative, with the economy expected to grow by less than a percent this year, while the population has grown by 1.6 percent.

Corporate tax has plummeted over the last few years.

And the recent increase in VAT is failing to close gap.

“We have to collect extra taxes and that’s the problem, so those extra taxes are more than likely to come from personal income tax which is also a high burden already,” says Eonomist, Mike Schussler.

Schussler says taxpayers are already paying more tax.

This, a
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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 cleared of the debt.

The amount of more than R7 million borrowed from VBS can be claimed any day, and then Nkandla can be compromised.

Although the Nkandla complex was but controversially erected with the largest share of the cost financed from the state coffers, it is doubted how much the real value of the property is being erected in a strange rural area.

Meanwhile, it has been reported that Zuma is also still a full year in arrears with the payment of his loan.

According to News24, VBS Mutual Bank’s liquidator, Anoosh Rooplal, has filed an application with the Pietermaritzburg High Court for an order that will force Zuma to pay, or an order that the property may be confis
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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government

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It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament.

Ramaphosa’s exact words were: “Our resources are now depleted.”

In simple terms, this means the government has run out of money.

In a normal country, such a statement by the head of state would have, at best, made national headlines. That it went unnoticed reveals a great deal about our journalists’ obsession with the fluff that constitutes the vacuity of our daily politics.

If you want to understand what it means for a state to run out of money, look at South African Express. It has grounded its planes. Last week, it told MPs it is struggling to pay salaries.

SA Express is not unique. Employees at Denel are not sure for how long their salaries will be paid. Eskom pays salaries from debt. It needs about R70bn for operations and debts. But its revenue i
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Water and Sanitation Ministry run under a cloud of large-scale financial mismanagement by ANC cadres who knowingly robbed the department of much needed funds

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Lindiwe Sisulu, the new Minister of Water and Sanitation, acknowledged during her budget debate in parliament that her department is living under a cloud and that “major financial mismanagement” has occurred by top officials.

She apparently undertook to reverse the situation as soon as possible. She can’t understand that so much money has been lost, and will try to stop the loopholes.

Observers wonder if action will be taken against those who have deliberately stole at the department, or will the eventually be redeployed in other sectors like normal ANC practice.

-Read the original article in Afrikaans in Vryburger / 2019-07-17
This report does not necessarily reflect the opinion of SA news.

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More than for R376 million that has been spent so far on the Evaton Renewal Project cannot be accounted for – We know where it is! Probably stolen by ANC-cadres

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EVATON – The Democratic Alliance says the Gauteng Human Settlements and COGTA MEC, Lebogang Maile, has failed to account for R376 million that has been spent so far on the Evaton Renewal Project

(ERP) in the Emfuleni Local Municipality. In a reply to questions in the Gauteng Provincial Legislature from DA Emfuleni Constituency Head, MPL Kingsol Chabalala, MEC Maile revealed that R332 117 511.77 has been spent on this project so far.

However, Chabalala said these figures are contradictory to the figures contained in the report published by the Auditor General in 2016 and his predecessor’s written replies in the Gauteng Provincial Legislature. He said the DA has written to MEC Maile requesting him to investigate the failed ERP, but they have not yet received any feedback. Chabalala said Evaton residents have the right to know what happened to their money.

– 90.6 FM News / 2019-07-22

This report does not necessarily re
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12,432 SASSA beneficiaries defrauded on social grants toting up to R21 million

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Social Development Minister Lindiwe Zulu announced in a parliamentary reply on Tuesday that about 20,787 fraud cases were registered at the Post Office by June 28 this year. Furthermore, it has also been revealed that 12 432 pensioners as well as other beneficiaries have been deceived in the past year from their social grants, collectively more than R21 million.

Liezl van der Merwe, IFP MP, wanted to know from Zulu how many fraudulent pensioners and other beneficiaries had reported to the South African Social Security Agency (Sassa) over the past 12 months, whether it was resolved and whether the stolen money was recovered . To which Zulu replied that criminal investigations are currently pending and that the money was never recovered.

Van der Merwe also wanted to know what Sassa is doing to stop corruption and fraudulent transactions with Sassa cards. Zulu replied that the beneficiaries report fraud with their social grants at their nearest Sassa offi
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Public Protector received money from Guptas, but denied that she was corrupt

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The Public Protector has denied allegations that she is corrupt and has received money from the Guptas in the past.

Busisiwe Mkhwebane is accused of receiving about R5,000 from the Guptas two years before her appointment as OB.

It is not mentioned whether she received the amount monthly, but it is suspected that she may have received it more than once.

However, she said they should take all her bank statements from the FNB and prove that she got money from the Guptas.

A non-profit foreign organization made the allegations, but besides it further adversely affects her chances of being in the post, it has international consequences for South Africa.

-Vryburger

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R200 mill of drought relief monies intended for KwaZulu Natal gone missing – South Africa’s farmers find themselves in a crisis and as a result, our country’s food security and economy are also in crisis

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The FF Plus is shocked and disgusted by the news that nearly R220 million, which was earmarked for drought relief in KwaZulu Natal, went missing. It is unclear how the money went missing and the FF Plus demands an urgent investigation into the matter so that the guilty parties can be called to account.

The drought has already taken its toll on the agricultural sector with livestock deaths and poor harvests being at the order of the day. There have been enormous livestock losses in the Free State, Northern Cape and Eastern Cape in particular and some of these parts have not had any rain since November 2017.

The government must urgently prioritise drought relief for commercial as well as emerging farmers. The government must also ensure that the process is managed properly so that the money allocated to drought relief is not stolen, as is the case in KwaZulu Natal.

There are cases where service providers were appointed by means of a tender process
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