Posts tagged with 'bankrupt'

 

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

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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 resid
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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!

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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 o
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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?

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

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

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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 door
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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

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

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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.

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SA’s fiscal position – Great possibility that economy will be downgraded to junk status

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Tito Mboweni is expected to paint a gloomy picture of the country’s fiscal position later this month.

The agency Moody’s has had a fairly stable rating so far, but economists warn that the view may change to negative.

Moody’s has already made “negative” comments at its quarterly conference last week. The chance that SA will be finally downgraded to junk status is a possibility, and this is due to the poor growth and continuous cash injection into the country’s bankrupt state intimacies such as Evkom, SAA, Denel and SABC.

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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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Mboweni’s truths: We are bankrupt and people will lose their jobs – If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more

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There is a line in Finance Minister Tito Mboweni’s brutally honest 2019 Budget Speech that I can’t get out of my head.

“We are borrowing R1.2bn a day.”

Read that again. Let it sink in. If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more.

Some perspective: R1.2bn is the value of Bosasa’s biggest two tenders, combined, that we borrow per day. Or: with R1.2bn, you can build about 8 000 low-cost houses. And that is what we borrow per day.

We are borrowing just to keep the lights on, to service our debt and to keep the state ticking.

Any Grade 10 learner with a basic grasp of mathematics will tell you that we are doomed to fail if we keep on spending more than what we earn. It’s literally that simple.

Mboweni had the tough job of breaking this news to South Africans. He didn’t mince his words and his ANC colleagues sat stone-faced as he punted se
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Prepare for total collapse, led by municipalities – recent collapses of basic services at several municipalities are not irregularities, they are omens of nationwide collapses

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The recent collapses of water services in Grahamstown and the KwaZulu-Natal South Coast are not anomalies. They are harbingers of nationwide collapses.

The auditor-general, conveniently for the government, waited until after the State of the Nation address by President Cyril Ramaphosa to release his annual report. The president should be appropriately grateful.

The bad news from Kimi Makwetu is that more municipalities are near collapse and non-compliance has increased. The AG’s staff is also increasingly being threatened with violence and hampered in its work.

The good news? Well, not much.

For the past years every single AG’s report into the financial state of municipalities has shown an accelerating downward trend. Every year, the AG has bemoaned the lack of decisive leadership at the very top of government and the fact that there are no consequences for corruption and incompetence. Every year, nothing substantial is done, setting
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Junk status winks for Mangaung Metro with liabilities exceeding assets; officials receive generous salaries and cellphone stipends, while levels of service delivery are non-existent

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The ANC-controlled Mangaung Metro faces junk status after Moody’s rating agency said further downgrading would be considered if the municipality do not urgently get its household in order.  

The Bloemfontein municipality is in truth already bankrupt with liabilities exceeding assets of nearly R1bn and with over R6bn of outstanding debt.  In fact, Moody’s indicated on their website that the metro was downgraded to Ba3 status on May 2, 2019.

In their response, the metro says a downgrade won’t affect service delivery and a financial recovery plan is in place. They argue that the weak economy, rising unemployment and increased water and electricity tariffs are the setback to their finances.

Meanwhile, it appears that the metro’s salary bill amounts to about R160 million a month, with a mobile phone stipend of R3’200 for about 70 councillors, each. In terms of debt, business enterprises owe the metro R1,6bn, residents
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