Business Lead South Africa

CEOs tell Ramaphosa of serious challenges plaguing govt companies

PRETORIA, June 6 – Chief executive officers of state-owned companies (SOCs) on Wednesday detailed a number of concerns about the legal and regulatory environment within which SOCs operate, which are often ill-suited to the specific needs of entities and constrain innovation, the Presidency said. President Cyril Ramaphosa met with chief executives of over 20 key state-owned […]

Business Lead South Africa

Irregular spend of national, provincial government SOEs up to R51 billion and counting

PARLIAMENT, November 21 – Irregular expenditure for national and provincial government departments, as well as state-owned entities audited by the Auditor-General amounted to R51 billion and counting, it was revealed on Wednesday.   Releasing the audit results for the 2017/18 financial year, Auditor-General Kimi Makwetu said the R51 billion excludes the irregular spending incurred by […]

In The News South Africa

Gama sent by Transnet to brief MPs on corruption probes

PARLIAMENT, August 22 – Parliament’s portfolio committee on public enterprises on Wednesday, cut short a briefing by Transnet on its corruption investigations because of the presence of freight rail company CEO Siyabonga Gama. The Transnet board last week served Gama, chief procurement officer Thamsanqa Jiyane and supply chain manager Lindiwe Mdletshe with notices of intention […]

Business In The News South Africa

Transnet develops action plan to deal with R8bln irregular expenditure

JOHANNESBURG, August 20 – Transnet said on Monday that it was developing a “comprehensive corrective action plan” to prevent the recurrence of irregular expenditure which resulted in the external auditors issuing a qualified audit opinion relating to the completeness of the identification and reporting of irregular expenditure. This as the State-owned logistics company reported R8.1 billion […]