Four SOEs waste over R1bn

Four SOEs waste over R1bn

2019-10-09 06:33:00 PM

Four SOEs waste over R1bn

The fruitless and wasteful expenditure of four state-owned enterprises alone has exceeded a billion rand.

SOEs are in the worst position they have been - in five years, that's according to the auditor general's office.“A lot of them rely on bailouts, a lot of them rely on lenders giving them money or extending their debt. This comprises their own operations and their own financial viability, to fulfill their mandate and even to compete with entities in their sectors," said Zolisa Zwakala, from the Auditor General's office.

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The full extent of irregular, as well as wasteful expenditure at SOEs can’t be determined, this is because South African Airways is not a going concern, and has not produced financial statements.“The non-submission of annual financial statements from SAA for the past two financial years needs urgent attention. We’ve written to the board - both the current board and the one that left. There’s been correspondence to the minister to please assist,” Zwakala said.

READ:SAA financial loss expected to be in the billionsTransnet is the only SOE under the control of Public Enterprises, that's been able to turn a profit.But it’s responsible for more than half of the R79-million in irregular expenditure over its locomotive contracts.

Read more: eNCA »

Black Monopoly Capital strikes again! 🤔😏🙄🤷🏻‍♂️ Best Government ever 🤣🤣🤣 Lekka in the ANCorrupt's Seff Efrika Just when we hear of the 'new dawn' and a 'turnaround'. But it just keeps getting worse. So deep the rot has gone.SAA,SABC,ESKOM and DENEL are of the 4 worse.And strangely enough, no-one has yet been held account -able. It's just loot,steal,waste and defraud. Poor SA taxpayers.

Jamnadas must fall Their duty is to sustain these things not to make a profit. Imagine if they were a profit-driven SOEs. That is only the known number, the total amount is much higher if you consider the money they had to their disposal in 1994. Every family could have a house and a job long ago if the greedy cANCer govt didn't steal it all. gofigure

Which 4 SoE’s❓Only SAA & Transnet are mentioned in the report. Lezinto they're looting in the name of cleaning up. Nonono not waste talk English STOLE. What a surprise. Ek is moer se shocked. But zuma is gone nje ! And no one is being arrested and charged Whilst the the so called useless PP has a clean audit. I wonder if Malunga will want to be credited as well.

And then you have judges who praise the new dawn. Lol! 'New Dawn' 🙃 This has gone beyond being ridiculous. Thuma Mina😁

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Auditor General presents startling report on SOEs - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Four of the seven state-owned enterprises that report to the Department of Public Enterprises have been receiving either qualified or disclaimed audit reports for the past five years. This could be startling to those who were not in SA