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Pull the generator closer and get those candles ready, Eskom #rollingblackouts will be with us shortly

Posted on November 7, 2019 Leave a comment

Eskom expressed its disappointment over the decision of the rating agency Moody’s that further downgraded the bankrupt entity of the state.

The Moody’s Investment Service downgraded Eskom from a B2 to a B3, which means the entity has no confidence in consumers or the rating agency.

With the downgrade, Eskom is brought into line with the poor performance of the ANC’s financial standing, and the distrust it creates at international and national level.

So the possibility exists that with the crisis management system, Eskom can once again start applying the load shedding system to alleviate its financial position, but the country will perish because of the impact it will have on the general financial position.

Late yesterday afternoon, Eskom acknowledged that it could reintroduce short notice “because the system is under pressure”, which is believed to be financial pressure.

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State Treasury plundering continues – your tax money will fund Eskom with a further R59bn

Posted on July 23, 2019 Leave a comment

Eskom will receive a further R59bn bailout over two years from the government to keep the bankrupt power provider standing.

This follows the R69 billion already approved for a three-year period. Eskom’s debt currently amounts to R440bn and is considered the biggest risk to the South African economy.

How much money is still to be deposited in the entity is not known, but economic experts agree that Eskom will never get rid of the debt itself.

-Vryburger / 2019-07-23
This report does not necessarily reflects the opinion of SA-news.

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How much taxpayers money has been thrown into SAA’s black hole to stay afloat?

Posted on June 13, 2019 Leave a comment

Billions and billions have been thrown at The South African Airways (SAA), but the airline don’t have much to show for it. It’s hard to recall a time when the limpest of all our state-owned entities was successful on its own two feet. It has a history of relying on fiscal interventions, needing contributions from both private firms and the taxpayer just to stay airborne. Over the last 20 years, their borrowing has been obscene, merely a few days ago the board has requested yet another additional R4 billion to stay afloat this financial year.

According to a SAA spokesperson the company requested the R4 billion bailout as it has been operating at a loss since 2011. The entity needs has approximately R450 million a month to keep operations running. The airline’s generated revenue of R30.4bn in 2016-17 while operating costs amounted to R30.9bn. Finance costs totalled R835m and the operating loss was R533m. The losses have continued into
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SA taxpayers to fund yet another government bailout – Cash-strapped SAA requests R4bn to survive current financial year after years of mismanagement and corruption

Posted on June 10, 2019 Leave a comment

South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs R4-billion from the government to survive the current financial year and allow it to renegotiate loan terms with banks.

Zukisa Ramasia becomes interim CEO after Vuyani Jarana unexpectedly resigned on Sunday, after less than two years in the job, saying his turnaround strategy for the loss-making airline was being undermined by a lack of state funding and too much bureaucracy.

SAA has not made a profit since 2011 and Jacana launched a five-year turnaround plan that includes slashing costs and cancelling unprofitable routes, requiring around R21.7-billion in cash injections from the government.

“We are currently operating at a loss and that is the background to the request we’ve made for R4-billion of support for the current financial year,” board member Martin Kingston told a news briefing.

“We are in d
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ANC regime announces that experts from Italy have been called in to restore poor service to Eskom, while South Africa is swarming with extremely capable whites who can do the job

Posted on February 15, 2019 Leave a comment

Minister Pravin Gordhan’s nine-point plan to get the bankrupt Eskom back on track are welcomed by industrialists and businessmen who are currently deeply concerned about the extremely poor functioning of this state entity.

An expert dealing with the dilapidated Eskom says the minister’s plans can contribute to possible recovery of Eskom.

He says although it looks like reasonable plans, the lot of money and a lot of time is going to ask the struggling industry to stand on its own again.

The expert believes it will cost at least R10bn and a team of experts to effectively operate the industry.

Meanwhile, it is announced that experts from Italy have been called in to try and recover the poor service.

Observers say it is clear that the ANC government will not use the expertize of whites in South Africa, as it will be a direct blow to the faces of the regime.

Read the original article in Afrikaans on Die Vrybuger

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What did South-Africans used before candles? Electricity! – Eskom is apparently technically bankrupt and its R420bn debt currently accounts for 15% of the country’s debt – will no longer exist at the current projection by April 2019

Posted on February 14, 2019 Leave a comment

The Portfolio Committee of Public Enterprises heard at the hearing of the Department of Public Entities that Eskom was “technically bankrupt”.

Eskom will no longer exist at the current projection by April 2019.

The power supply’s R420bn debt burden currently accounts for 15% of the country’s debt and its revenue has increased fourfold since 2007 but its expenses, especially with staff overload, have exceeded revenue. Staff alone increased from 32,000 to 48,000 in eleven years.

Despite the increase in staff, critical knowledge was lacking, which resulted in 40% of interruptions at the different power stations being attributed to “human factors”.

The original article can be read in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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Suspended NPA boss hired to clean up SAA’s mess – SAA, who has been bankrupt after years of mismanagement and corruption now wants to make a turnaround – Is it to late?

Posted on January 17, 2019 Leave a comment

SAA, bankrupted after years of mismanagement and corruption, has named former prosecutions boss Vusi Pikoli as its chief risk and compliance officer as part of an effort to clean up governance at the airline.

Pikoli is currently an adviser to the state security minister and was suspended as NPA boss by Thabo Mbeki in 2007.

Vusi Pikoli has been appointed by SAA as the head of their risk and compliance department. He is currently the state security adviser to Minister Dipuo Letsatsi-Duba.

Pikoli was suspended by Thabo Mbeki in 2007 due to an insurmountable break in working relationships between him and the Justice Minister.

In 2009, parliament dismissed Pikoli and, according to SAA, the appointment was aimed at strengthening executive management in their work.

Read the original article in Afrikaans on Die Vryburger

This report does not necessarily reflects the opinion of SA-news.

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Can the sinking ship be saved? – Denel’s deterioration is attributed to political appointments made where incompetent people are placed in key positions who have no knowledge of the arms industry, now the state entity has appointment a new Chief Executive Officer

Posted on December 21, 2018 Leave a comment

The Cabinet approved Daniel du Toit’s appointment as Chief Executive Officer at Denel. He will immediately pay attention to superficial contracts entered into during the state hijacking period. Cost cuts will also be one of its priorities.

The arms manufacturer has deteriorated dramatically over recent years due to the political appointments made in top management who lack knowledge of the industry.

The ANC government had to save the industry of total collapse numerous time with financial support, and many contracts entered into resulted in enormous loses.

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

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