Posts tagged with 'Denel'

 

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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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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A New Year & A New Decade: More Communist Self Enrichment, Globalist Destruction of Identity & The African Way. You AiNtCeen Nothing Yet!

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Fall apart

At the time of year that most people in South Africa break away for a holiday, (the lucky ones that is), or relax at home, it has unfortunately become necessary to burst a few bubbles and challenge the mainstream narrative. South Africa is teetering on the brink and staring into the abyss as it stumbles into oblivion in the new year and a new decade. Just how bad it will be will become clear soon enough. Let those with ears listen…

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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 o
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Weapon manufacturer Denel has quietly acquired a contract worth R6.3 billion for the export of weaponry

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With the apparent initiative and guidance of the new chief of arms manufacturers, Denel, a contract has been entered into for the export of weaponry worth more than R6 billion.

A spokesman for the manufacturer confirmed that a contract had been obtained but that the broader details of it had not yet been disclosed.

The new contract worth R6.3 billion will be presented to Parliament during the coming week to approve the arms export.

The new technology that will be used in the weaponry is probably innovative, and can be attributed to the expertise of people who have proven their skills in arms manufacturing over the years.

 

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Trade unions are rejecting ANC’s plans to sell non-performing SOE’s

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All indications are that the ANC is prepared to execute the Tito Mboweni plan and sell the non-performing entities.

For the ANC it is like swallowing a prickly pear with thorns and all, because it is a testament to their inability to run certain entities profitably.

The Ramaphosa government faces an enormous fiscal dilemma, and the sale of various entities will not only be humiliating, but will also leave many ANC senior workers unemployed when private entities take over the entities.

However, the question is whether Cosatu and other unions will agree to such a move, knowing that their own members may lose their jobs because it is known that the state entities are not profitable because too many people are employed was taken.

Institutions such as Denel, SAA, Eskom, Transnet, and various other entities are likely to come under the “selling spotlight” when negotiating with the unions that will oppose the idea.

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Cash-strapped state arms company, Denel failed to supply R250 million worth of military Casspirs to the government of Chad after already receiving R100 million deposit

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Despite having been paid a R100 million deposit almost two years ago, the state arms company Denel has failed to supply R250 million worth of army vehicles to the government of Chad.

In 2017, Chad bought 40 military Casspirs from Denel, but the company could not deliver them while officials squabbled over the ownership of the lucrative intellectual property (IP) rights – which had been given to the Gupta family for free – to build the vehicles.

Chad has since cancelled the contract and demanded its deposit back from the cash-strapped arms company.

Denel’s failure to deliver comes at a time when the firm is struggling with liquidity issues.

Last month, Denel received a much-needed bailout of R1.8 billion from Treasury.

At the time, Treasury said the company would get another billion next year.

In recent months the company, which has been implicated in state capture, has struggled to pay employees on time. At the end of
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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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Taxpayers will now have to bailout the Ramaphosa regime after Moody lost patience with SA’s poor economic situation and proposes a tax increase

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The poor economic conditions, unemployment, little foreign interest, the land grab program, Eskom and other entities’ financial inability are all reasons why the country is in such a mess.

Moody’s has pointed out to the ANC-regime that it will have to raise taxes to fix the mess at Eskom, which is the first step to a series of tax hikes.

With the SABC, Denel, SAL, Eskom, and several other entities failing to be a profitable industry as it was years ago, the regime is pushing to raise taxes.

The poor decision to launch a National Health Plan while the country is in junk status is considered to be one of the stupidest decisions the Ramaphosa regime has yet made, which will also lead to astronomical increases in taxes.

Moving out of professional corps such as doctors, nursing staff, lawyers and others is the strongest indication that the country is heading for an enormous crisis that cannot be reversed.

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Cash strapped Denel asks ANC regime for cash injection of R2.8 billion to pay employees salaries and remuneration

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Weapon manufacturer Denel is one of several state-owned enterprises (SOEs) found amid allegations of corruption and statecapture. The entity finds itself in a deep financial crisis and was forced to ask government for a R2.8 billion bailout to pay suppliers and outstanding salaries.

Public Enterprises Minister Pravin Gordhan announced that the company, with the help of a lender, made it possible to pay salaries for the month of June. Meanwhile, it has come to light that although staff salaries have been paid, no pension contributions where paid. Unconfirmed reports say Denel will again struggle in late July to compensate his staff.

Denel CEO Danie du Toit indicated stated that Denel is in negotiating with the banks to obtain bridging finance and has apologized for the tension and anxiety it causes among staff and their families. Since Denel failed to pay its employees ‘salaries in full, staff have been showing a negative attitude towards the comp
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ANC-regime stretching public finances by issuing bailouts to keep bankrupt SEO’s afloat – Denel requests a R2.8bn bailout from government

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South Africa’s state arms company, Denel as requested a R2.8-billion ($200-million) bailout from government.

Denel was once part of the country’s thriving defence industry but like many other state owned entities was mismanaged and affected by corruption during the former president Jacob Zuma years which lead to a financial crisis.

CEO Danie du Toit was appointed late in 2018 to oversee a turnaround plan for the company.

Du Toit says that the Denel is progressing well and he expects around R30-billion worth of deals to come into affect over the next two years but in order to achieve this the company requires a cash injection to help alleviate liquidity constraints.

Denel manufactures military equipment such as armoured vehicles, missiles, attack helicopters and ammunition for the South African armed forces as well as for export.

The CEO is hoping to receive the funds by September or October.

Last year Saudi Arabia’s st
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Ramaphosa rejects privatization of SOE’s although the whole lot is poorly managed by incompetent staff, and cost SA billions of rands

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President Cyril Ramaphosa has reaffirmed government’s plans to support ailing state-owned enterprises (SOEs) and made it clear that there’s no intention to privatise them.

Ramaphosa was replying to debate on his State of the Nation Address at a joint sitting of Parliament on Wednesday.

He did not respond directly to criticism from opposition benches, instead saying he welcomed all the inputs made and insisted the government had a clear plan to reignite the economy and halt the jobs bloodbath.

Ramaphosa said SOEs had a critical role to play and won’t be privatised.

“The successful takeover of the distribution of Sassa grants by the Post Office is a clear demonstration that government institutions do have the capacity and the capability to implement projects of great magnitude,” he said.

Before taking over the task last April, only 31,000 beneficiaries were paid through the Post Office. Ramaphosa said last month, that numbe
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