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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boiling frog

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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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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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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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

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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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