Posts tagged with 'debts'

 

State-owned bus company seeks R350 million bailout

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The state-owned bus company Northwest Transport Investments, which transports more than a million people a day, is seeking a bailout of R350 million.

The transportation of hundreds of thousands of commuters mainly in the North West and Gauteng provinces and more than 1,600 jobs are at risk due to the financial distress of parastatal Northwest Transport Investments (NTI).

The 46-year-old company – which owns Northwest Star, the Star Line, and the Atteridgeville Bus Service – has applied to the North West government (its sole shareholder) for a bailout of more than R350 million, NTI chairman, Mojalefa Nale, confirmed to Business Insider SA. The company has outstanding debts of about equal to that amount.

In August, a high court judge placed the company into provisional liquidation, after an application from Driveshaft Baleka, which is a Pretoria-based company that rebuilds and manufacturers propeller shafts.

It was owed R890,000 b
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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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Hostage drama continues – Eskom holds ANC regime prisoner, parasitic parastatal seeks further R59 billion to squander

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The hostage drama in which Eskom has captured the ANC regime has now reached its highest point of arrogance.

With a new demand to get R59bn intended for the next two years for mismanagement, all reasonable limits have completely surpassed, say economic experts and informed businessmen.

Eskom’s debt burden is already so high that there is almost no possibility that the struggling power provider will ever be able to recover it.

With the decline in electricity demand, South Africa is on the verge of a total economic collapse, and the worst can be expected in the coming weeks.

Finance Minister Tito Mboweni’s suggestions that Eskom should pay its workers less and have less unions on their feet, ready to make the country even more unmanageable.

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ANC-managed Victor Khanye municipality apparently owes more than R100m to water, and about R46m to electricity – residents now demand to know who are the culprits stealing all the money

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“We all pay our municipal bills regularly, who are stealing all the money”, is the question now asked by Delmas and local residents after it became known that millions of rand are in arrears on water and electricity.

The Victor Khanye municipality, which includes Delmas, apparently owes more than R100m to water, and about R46m to electricity.

This explains why residents demands to know where the money goes, and who might steal it while the residents are the victims.

Sundra, Rietkol and Eloff are also classified under the municipality, and are currently struggling because water supply is limited due to payment default.

However, financial experts say the Rand Water Council is equally guilty because they had to cut off the water with the first month’s account not paid by the municipality, or have given at least 24 hours notice that it would be cut off as payment made immediately.

They say this is also the reason why
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ANC-controlled city council of Vredendal wants to borrow R10 million from Standerd Bank – ANC ruling party is sinking deeper and deeper into debt!

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The ANC-controlled City Council of Matzikama (Vredendal and the surrounding area) will request approval at a Council meeting for taking an external loan at Standard Bank of R10 million.

The loan is in part financing of its 2018/19 capital budget. No further information is known about the term, repayment amount, interest as well as how the funds will be generated to service the nearly R100,000 per month payment.

Municipalities and government institutions were previously warned not to enter into loans to repay other debts or capital projects that cannot be repaid.

Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news

 

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