Posts tagged with 'Kimi Makwetu'

 

Transnet wasted almost R50 billion, most of which is used to buy trains that cannot be used in SA

Posted on Leave a comment

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, a
Continue reading…

Enjoyed this post? Share it!

 
 

14 SOEs rack up more than R1.4 billion in irregular expenditure

Posted on Leave a comment

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
Continue reading…

Enjoyed this post? Share it!

 
 

How do you explain it? Only 18 of the 257 municipalities in South Africa are functionally correct

Posted on Leave a comment

The Auditor-General, Kimi Makwetu, pointed out the big sore in the economy of the country.

In his latest report, he shows that politicians and officials simply ignore his office’s recommendations.

The other truth that emerges is that municipal councils do not have the necessary skills to handle finance.

Only 18 of the 257 municipalities in the country received clean audits, a worsening of the 33 who received clean reports in 2015 – 2016.

Almost 33% of the councils spend more than they bring in which is a total debt of R5.8bn. Unauthorized R1.3 billion is water under the bridge that will never be recovered.

North West, Limpopo and the Free State have no municipality that received a clean audit. Then add the R9.12bn debt to Eskom and R5.85bn to the Water Council by councils then paint a pale picture of the state of the country’s municipalities.

Then, in the 2017-18 financial year, 18% of the Councils did not
Continue reading…

Enjoyed this post? Share it!