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…
