Posts tagged with 'state-owned entities'

 

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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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 state entity in this country.

Mbalula’s announcement that a network of ships can be built to transport cargo will not come off the ground as long as every other entity, and the country is in an economic turmoil where debt burdens are higher than what is allowed in the business world.

With SAA facing liquidation, and South Africa approaching junk status, with a possible recession on everyone’s lips, it is a waste of money and time to look at shipping as an option, informed sources.

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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” and the dogged pursuit of the communist-inspired national democratic revolution.

The ANC is surely the only governing party in a constitutional democracy, under the rule of law, that remains wedded to the rhetoric of revolution. The melancholic truth is that, over a period of 25 years of ANC rule, the country has been systematically legislated for failure. A country with the natural resources, natural skills, enterprise and sound infrastructure of SA does not fall into poverty through misadventure. It happens by design.

At the beginning of the democratic era 25 years ago, SA was one of the most admired co
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Transnet wasted almost R50 billion, most of which is used to buy trains that cannot be used in SA

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State-owned entities are currently under considerable pressure and there is doubt as to how many of them have the ability to continue without the necessary financial assistance.

This is the opinion of Auditor-General Kimi Makwetu, who last week released a national and provincial auditor’s report for the period 2028-2019 in Cape Town.

He says there are weaknesses in the performance of many entities and the roughly 14 state-run institutions that are heavily subsidized by the state and the ANC government apparently did not contribute much to improving their results.

The 14 institutions also spent R1.4bn on illegal spending, and may be further investigated with further investigations.

Denel, the SABC, SA Express shipping company, and the SA Forestry Company are some of the biggest offenders of wrongful expenses incurred.

With Transnet wasting nearly R50bn, the bulk of which has been used to buy trains that cannot be used in SA, along with Eskom’s nearly R7bn
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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 SOEs remained under significant pressure with doubts about whether they could continue operating without further financial help from the government.

Makwetu said the 14 SOEs notched up R1.4 billion in irregular expenditure but warned this figure could rise as four of them – Denel, the SABC, SA Express and the SA Forestry Company could not make full disclosure on this.

Meanwhile, irregular expenditure racked up by Transnet (R49.9 billion) and Eskom (R6.6 billion), who have private auditors, amounted to R57 billion.

“The SA Post Office, for example, has slipped back to a qualified opinion and the Development Bank of SA regressed to a
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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 spree, it would be just a stupid foreign investor reacting to Ramaphosa’s attempts to attract investors to South Africa.

The ANC president was in London two weeks ago to recruit new investors, but informed sources indicate that although promises have been received, it will be again as before and no one will actually commit.

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