SEO | SA Radio .com

State Treasury plundering continues – your tax money will fund Eskom with a further R59bn

Posted on 09/08/2019 Leave a comment

Eskom will receive a further R59bn bailout over two years from the government to keep the bankrupt power provider standing.

This follows the R69 billion already approved for a three-year period. Eskom’s debt currently amounts to R440bn and is considered the biggest risk to the South African economy.

How much money is still to be deposited in the entity is not known, but economic experts agree that Eskom will never get rid of the debt itself.

-Vryburger / 2019-07-23
This report does not necessarily reflects the opinion of SA-news.

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

Enjoyed this post? Share it!

Tweet

Parasitic Parastatal Eskom, paralysing SA as the country runs out of money. Unless considered action is taken, not just talk – South Africa remains on the brink of destruction

Posted on 08/08/2019 Leave a comment

When Finance Minister Tito Mboweni on Tuesday told MPs government would have to review its funding requirements, he put into financial jargon that, actually, South Africa’s running out of money. And Eskom is to blame, in the main.

Bluntly put, Tuesday’s Special Appropriation Bill is scraping together R59-billion extra for Eskom — that’s in addition to the R23-billion a year already announced in February’s Budget — to ensure the power utility keeps its lights on.

The bailout timing is crucial — a week to the day before Eskom releases its financial results. Twice delayed already, it’s now on public record the power utility wasn’t a going concern; effectively bankrupt, it can’t meet its obligations under its own steam. The Special Appropriation Bill’s proposed R59-billion bailout over two years has ensured the auditors, on the back of such an official guarantee, can now sign off on the Eskom financials.

“Eskom’s funding pl
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!

Tweet

Political appointments cause malfunctioning at Municipalities and SOEs, SA Chamber of Commerce and Industry’s confidence drops

Posted on 08/08/2019 Leave a comment

Business confidence remains weak and under pressure. It is therefore gratifying that the SA Chamber of Commerce and Industry (Sacci) is finally putting its finger on the problem by referring to the ongoing policy of political appointments with municipalities and state-controlled entities (SOE).

Sacci appealed to the ANC government to ensure that state-controlled entities should be run by independent and competent management members.

During July 2019, business confidence once again dropped to 92 points, which means the index has fallen for six consecutive months.

Sacci’s management states that “the way in which BEEs and municipalities guide, manage and how they function is the main cause of their problems.

-Vryburger

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

Enjoyed this post? Share it!

Tweet