Posts tagged with 'debts'

 

State-owned bus company seeks R350 million bailout

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The state-owned bus company Northwest Transport Investments, which transports more than a million people a day, is seeking a bailout of R350 million.

The transportation of hundreds of thousands of commuters mainly in the North West and Gauteng provinces and more than 1,600 jobs are at risk due to the financial distress of parastatal Northwest Transport Investments (NTI).

The 46-year-old company – which owns Northwest Star, the Star Line, and the Atteridgeville Bus Service – has applied to the North West government (its sole shareholder) for a bailout of more than R350 million, NTI chairman, Mojalefa Nale, confirmed to Business Insider SA. The company has outstanding debts of about equal to that amount.

In August, a high court judge placed the company into provisional liquidation, after an application from Driveshaft Baleka, which is a Pretoria-based company that rebuilds and manufacturers propeller shafts.

It was owed R890,000 b
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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government

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It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament.

Ramaphosa’s exact words were: “Our resources are now depleted.”

In simple terms, this means the government has run out of money.

In a normal country, such a statement by the head of state would have, at best, made national headlines. That it went unnoticed reveals a great deal about our journalists’ obsession with the fluff that constitutes the vacuity of our daily politics.

If you want to understand what it means for a state to run out of money, look at South African Express. It has grounded its planes. Last week, it told MPs it is struggling to pay salaries.

SA Express is not unique. Employees at Denel are not sure for how long their salaries will be paid. Eskom pays salaries from debt. It needs about R70bn for operations and debts. But its revenue i
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Hostage drama continues – Eskom holds ANC regime prisoner, parasitic parastatal seeks further R59 billion to squander

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The hostage drama in which Eskom has captured the ANC regime has now reached its highest point of arrogance.

With a new demand to get R59bn intended for the next two years for mismanagement, all reasonable limits have completely surpassed, say economic experts and informed businessmen.

Eskom’s debt burden is already so high that there is almost no possibility that the struggling power provider will ever be able to recover it.

With the decline in electricity demand, South Africa is on the verge of a total economic collapse, and the worst can be expected in the coming weeks.

Finance Minister Tito Mboweni’s suggestions that Eskom should pay its workers less and have less unions on their feet, ready to make the country even more unmanageable.

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Ramaphosa approved new law that frees debt burden of millions of people – however, it is speculated that whites will be excluded from new legislation once again

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The new law, which has just been passed by parliament, could mean that almost 10 million people’s debts may be written off. The law, which is seen as a benefit of predominantly black people, who incurred debt while their income is such that they cannot pay the debt, was of particular concern to the bankers.

However, people must go through a lengthy application process to be released from the debt incurred, and it can take months before the applicant is released from debt.

The one condition is that the person’s income must be less than R7,500 per month.

Clothing stores and bankers are struggling to write off all the debts, and are likely to put in place new measures that allow low-income clients no or very little debt.

Economic advisers point out that the law means that millions of Rand’s goods were given away by shopkeepers and that banks gave away money without getting a cent back.

The crux of the matter is that
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ANC-controlled city council of Vredendal wants to borrow R10 million from Standerd Bank – ANC ruling party is sinking deeper and deeper into debt!

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The ANC-controlled City Council of Matzikama (Vredendal and the surrounding area) will request approval at a Council meeting for taking an external loan at Standard Bank of R10 million.

The loan is in part financing of its 2018/19 capital budget. No further information is known about the term, repayment amount, interest as well as how the funds will be generated to service the nearly R100,000 per month payment.

Municipalities and government institutions were previously warned not to enter into loans to repay other debts or capital projects that cannot be repaid.

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

 

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