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State Companies News

Gordhan: KPMG SA was a 'willing partner in State capture'

By: News24Wire      Updated 42 minutes ago Auditing firm KPMG SA was a “willing participant in State capture” and its leadership hasn't fully grasped the magnitude of what they were involved in, according to former finance minister Pravin Gordhan. He was in conversation with radio host Eusebius McKaiser on CapeTalk on Tuesday morning. 

Myeni approached PIC for R6bn for SAA – reports

By: African News Agency      25th September 2017 Controversial South African Airways (SAA) board chairwoman Dudu Myeni appears to be involved in the “planned raid on pensioners’ money” to prop up SAA and other bankrupt state-owned enterprises (SoEs), the Democratic Alliance said on Sunday. The DA had noted the media report that Dudu Myeni had... 

Myeni approached PIC for R6bn for SAA – reports
Photo by Duane Daws
The face of SAA's failure: chairperson Dudu Myeni seeks R6-billion to prop up the failing State-owned enterprise

Gigaba denies Treasury looking at PIC to bail out struggling SOEs

By: African News Agency      25th September 2017 Finance Minister Malusi Gigaba on Monday, rubbished claims that he would use funds from the Public Investment Corporation (PIC) to bail out South Africa’s failing state-owned enterprises. Responding to reports last week that Treasury was looking to tap into the PIC, which manages public service... 

Gigaba denies Treasury looking at PIC to bail out struggling SOEs
Photo by Duane Daws
Finance Minister Malusi Gigaba

South African nuclear achievement crowned by US award

By: Keith Campbell     22nd September 2017 South African company NTP Radioisotopes (NTP), a subsidiary of the State-owned South African Nuclear Energy Corporation, has been presented with an Award for Outstanding Achievement by the US National Nuclear Security Administration (NNSA), an agency of the US Department of Energy (DoE), the two... 

South African nuclear achievement crowned by US award
Photo by Necsa
NTP Group Executive for Operations Gavin Ball

Gigaba calls for criminal probe into KPMG

By: Reuters     22nd September 2017 South African law enforcement agencies should investigate KPMG after the global auditor sacked its top management over work done for business friends of President Jacob Zuma, Finance Minister Malusi Gigaba said on Friday. KPMG dismissed its South African division's top management last week... 

Gigaba says SAA's Myeni's contract is legal

By: News24Wire      22nd September 2017 Finance Minister Malusi Gigaba has told parliament’s standing committee on finance that South African Airways (SAA) chairperson Dudu Myeni’s extended contract is legal. This after the Companies and Intellectual Property Commission (CIPC) said her extended tenure in September was illegal according... 

 Gigaba says SAA's Myeni's contract is legal
Photo by Bloomberg
Finance Minister Malusi Gigaba

Toxic environment to galvanise opposition as Eskom seeks 19.9% hike  

     22nd September 2017 Creamer Media’s Samantha Herbst talks to Engineering News editor Terence Creamer about what can be expected from Eskom’s application for a 19.9% tariff hike. 

Toxic environment to galvanise opposition as Eskom seeks 19.9% hike
A look into Eskom’s double-digit tariff hike application

Gordhan, Jonas meet KPMG International on State capture

By: African News Agency      22nd September 2017 Former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas met with a delegation from auditing firm KPMG International on Thursday. The meeting was attended by KPMG International chairperson, John Veihmeyer, as well as newly appointed CEO for KPMG South Africa, Nhlamu Dlomu. 

Necsa plans to restart nuclear pebble-fuel production

By: Keith Campbell     22nd September 2017 The South African Nuclear Energy Corporation (Necsa) is reactivating its ability to manufacture nuclear pebble fuel, originally created to support South Africa's Pebble Bed Modular Reactor (PBMR) programme. The corporation is also looking for a strategic equity partner for its speciality... 

Gauteng govt to launch six megahousing projects in Ekurhuleni in the next 5 years

By: Anine Kilian     21st September 2017 In a move to address the housing backlog across Gauteng, the provincial government will launch two new megahousing projects a month from now until February 2018, revealed Gauteng Human Settlements MEC Paul Mashatile. Speaking at the 2017 National Human Settlements Development Summit, in... 

Gauteng govt to launch six megahousing projects in Ekurhuleni in the next 5 years
Gauteng Human Settlements MEC Paul Mashatile

Eskom not generating enough cash to cover interest on debt – report

By: Terence Creamer     21st September 2017 A new report analysing Eskom’s financial position warns that the State-owned utility is simply not generating enough cash through operations and electricity sales to cover the interest on its borrowings, which will peak at around R500-billion in the coming three years. However, it also argues... 

Eskom not generating enough cash to cover interest on debt – report

Outa moves to freeze Gupta mines’ rehabilitation trust fund accounts

By: Creamer Media Reporter      21st September 2017 The Organisation Undoing Tax Abuse (Outa) plans to bring about an urgent interdict against the Bank of Baroda to freeze the R1.75-billion held in the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation trust fund accounts. The group on Thursday said in a statement that the interdict... 

Brown receives outstanding information on Eskom’s relationship with Gupta-linked Trillian

By: African News Agency      20th September 2017 Public Enterprises Minister Lynne Brown has received answers from Eskom to outstanding questions about its relationship with Trillian, a Gupta-linked company, her office said on Wednesday. “Minister Brown last night received Eskom’s responses to her queries. She noted  progress and Eskom will... 

‘Rebasing’ for lower Eskom sales to trigger 9.4% hike even before any revenue adjustment 

By: Terence Creamer     20th September 2017 State-owned electricity utility Eskom has sounded that warning that, even if its allowable revenue is not increased at all for the 2018/19 year, tariffs will still need to rise by 9.4% simply to accommodate a “rebasing” electricity sales volumes when compared with those approved in the third... 

‘Rebasing’ for lower Eskom sales to trigger 9.4% hike even before any revenue adjustment

Corruption rampant in South Africa – Corruption Watch

By: Anine Kilian     19th September 2017 There is a multiplicity of factors that drive corruption in both public and private institutions throughout South Africa, nongovernmental organisation Corruption Watch chairperson Mavuso Msimang said on Tuesday. Addressing delegates at the ninth Chartered Secretaries Southern Africa Corporate... 

Big fall in DBSA disbursements partly attributed to renewables stand-off 

By: Terence Creamer     19th September 2017 The Development Bank of Southern Africa (DBSA) recorded a sharp fall in disbursements to R12.4-billion in 2017, from a record R17.1-billion in 2016, but has promised to "step up" its role as a catalyst of development in 2018, setting a R20-billion disbursement target for the year. The development... 

Big fall in DBSA disbursements partly attributed to renewables stand-off
DBSA CEO Patrick Dlamini and Finance Minister Malusi Gigaba on the fall in disbursements in 2017 and plans for a 'step up' in future. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 20.9.2017

Good corporate governance key to fighting corruption

By: Anine Kilian     18th September 2017 Poor corporate governance at State-owned enterprises (SoEs) has become endemic, Chartered Secretaries Southern Africa (CSSA) CEO Stephen Sadie said on Monday. He told delegates at the ninth CSSA Premier Corporate Governance conference, in Johannesburg, that good governance at public sector... 

Good corporate governance key to fighting corruption
Chartered Secretaries Southern Africa CEO Stephen Sadie

Airports company reports its most profitable year ever 

By: Keith Campbell     18th September 2017 Airports Company South Africa (Acsa) achieved a profit of R2-billion for the 2016/17 financial year, it was announced on Monday, up from R1.9-billion for the financial year 2015/16. “This is probably the best set of results we’ve presented in the history of the company,” affirmed CEO Bongani... 

Airports company reports its most profitable year ever
Photo by Duane Daws/Creamer Media
Terminal buildings at OR Tambo International Airport, from the runway side. (The aircraft is an Embraer ERJ-145 of SA Airlink)

Nelson Mandela Bay chamber says 19.9% power hike would be ‘crippling’

By: Terence Creamer     15th September 2017 The Nelson Mandela Bay Business Chamber has expressed extreme disappointment with Eskom’s application for a 19.9% tariff increase from April 1, 2018, warning that such a hike would be “crippling” to business and the economy. Should the increase be approved it could translate to a 27.5% municipal... 

Nelson Mandela Bay chamber says 19.9% power hike would be ‘crippling’

A new, more internally focused approach should be taken to revive investment status

By: Natasha Odendaal     15th September 2017 With South Africa’s recent ratings downgrades sparking a short-term action plan to claw back its investment grade, it would be more prudent for the country to focus on establishing a stable, healthy, societal base able to leverage regained ratings levels, according to Makhaya Advisory South... 

KPMG South Africa shakes out top management over Gupta scandal

By: Reuters     15th September 2017 Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts. KPMG's investigation did not identify any... 

Future of Denel’s aero engine and manned aircraft businesses clarified

By: Keith Campbell     15th September 2017 South African defence industrial group Denel has a clear plan for the future of Turbomeca Africa (TMA), which it is in the process of buying off Safran Helicopter Engines (Safran HE), part of France’s Safran S/A aeroengines group. Hitherto, TMA (originally established in 2002) was a joint venture... 

Frustration as Nersa postpones closed hearing into wind body’s Eskom complaint

By: Terence Creamer     14th September 2017 The South African Wind Energy Association (SAWEA) has expressed frustration over a decision by the National Energy Regulator of South Africa (Nersa) to postpone a hearing into its 11-month-old complaint into the refusal of Eskom to sign agreements to buy electricity from independent power... 

Frustration as Nersa postpones closed hearing into wind body’s Eskom complaint

Treasury denies report it plans to sack head of $150bn State pension fund

By: Reuters     14th September 2017 The National Treasury on Thursday denied a newspaper report that it was about to fire the head of the State-owned Public Investment Corporation and said the report was baseless. Citing unnamed sources, The Star said the chief executive of Africa's biggest pension fund, Dan Matjila, would be... 

We won't scrap e-tolls - Sanral

By: News24Wire      14th September 2017 Scrapping e-tolls is not on the table, Sanral said on Wednesday. This came after there was confusion whether the South African National Roads Agency (Sanral) would abandon Gauteng's e-toll scheme, after The Citizen reported on Tuesday that the road agency had acknowledged that the project is a... 

We won't scrap e-tolls - Sanral

Stakeholders to push back at upcoming hearings into Eskom’s 2018 hike 

By: Terence Creamer     14th September 2017 The National Energy Regulator of South Africa (Nersa) has outlined the process it will be following to assess Eskom’s request for a 19.9% tariff increase for the 2018/19 financial year, setting a deadline of October 13 for the submission of written comments. Nersa has approved Eskom’s request to... 

Stakeholders to push back at upcoming hearings into Eskom’s 2018 hike

DTI shifts focus to localisation 

     13th September 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the Department of Trade and Industry's lack of resources to further expand its incentive programmes and its decision to shift its focus to other instruments, such as localisation. 

DTI shifts focus to localisation
DTI shifts focus to localisation

Treasury to give SAA R10bn in special appropriation

By: African News Agency      13th September 2017 National Treasury has agreed to give South African Airways a special appropriation of R10-billion by the end of September, director general Dondo Mogajane told MPs on Wednesday. “It will be for R10-billion, we have decided, because that will cover everything,” he said during a briefing on the... 

Treasury to give SAA R10bn in special appropriation

Mogajane confirms Myeni’s contract at SAA has been extended

By: African News Agency      13th September 2017 The contract of South African Airways chairperson Dudu Myeni has been extended until the company’s annual general meeting, set down for early November, director general of finance Dondo Mogajane confirmed on Wednesday. Mogajane told Parliament’s standing committee on finance Myeni’s term was due... 

Mogajane confirms Myeni’s contract at SAA has been extended
Photo by Duane Daws
SAA Chairperson Dudu Myeni

Eskom inquiry reference book published

By: Creamer Media Reporter      13th September 2017 Professor Anton Eberhard and Catrina Godinho have published ‘The Eskom Inquiry Reference Book' as an aid to the upcoming Parliamentary inquiry into so-called State capture at the power utility. The inquiry by the Portfolio Committee on Public Enterprises is due to kick off later this month. It... 

Eskom inquiry reference book published

Judgment reserved in State capture application

By: News24Wire      13th September 2017 The crux of President Jacob Zuma's argument against implementing the remedial action of the Public Protector's State of Capture report is that it would be unconstitutional to do so. On Tuesday Advocate Ishmael Semenya SC, for Zuma said in the High Court in Pretoria that the Public Protector "does... 

Judgment reserved in State capture application

Free State micro-grid pilot offers new universal-access hope  

By: Terence Creamer     12th September 2017 State-owned electricity utility Eskom is piloting a micro-grid system in a rural Free State town that may offer a solution to electrifying other remote areas, where the cost of connection to the national grid is currently prohibitive, due to a number of factors such as difficult terrain. The... 

Free State micro-grid pilot offers new universal-access hope
Photo by Duane Daws
Thava Govender

Brown not satisfied with Eskom’s Trillian report, wants more details

By: African News Agency      8th September 2017 Public Enterprises Minister Lynne Brown’s office on Friday said she has studied the report provided to her by Eskom to clarify its relationship with Trillian, a Gupta-linked company, but wanted more information from the power utility. According to sources, Eskom’s report contained several gaps,... 

Brown not satisfied with Eskom’s Trillian report, wants more details
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Eskom at a sustainability ‘tipping point’, business and labour warn

By: Terence Creamer     8th September 2017 Business and labour raised serious questions on Friday about the sustainability of State-owned electricity producer Eskom in light if its current governance failings, which were now undermining its financial health to the point where government could be force to assist the utility in meeting its... 

Eskom at a sustainability ‘tipping point’, business and labour warn
Photo by Duane Daws
Labour Minister Mildred Oliphant in conversation with Deputy President Cyril Ramaphosa at the Nedlac Summit

Company champions enterprise development in fledgling waste industry

By: Nadine James     8th September 2017 Skills and socioeconomic development company Bosch Ulwazi launched the first phase of its three-year Enterprise and Supplier Development (ESD) programme in KwaZulu-Natal, in July. The Petroleum and Waste Recycling programme will assist in developing five businesses that will offer products and... 

Company champions  enterprise development in fledgling waste industry
ENTERPRISE DEVELOPMENT The programme encompasses project and operations management, mentoring and skills development, as well as assistance with International Organisation of Standardisation accreditation

Denel ends controversial Asia joint venture

By: Keith Campbell     8th September 2017 South Africa's State-owned Denel defence industrial group has exited the Denel Asia joint venture (JV) company. This was announced on by Denel acting Group CEO Zwelakhe Ntshepe, addressing the recent media briefing about the company's financial results, at the group's head office in Centurion,... 

Gap in aviation safety regulation is under scrutiny

By: Keith Campbell     8th September 2017 The South African Civil Aviation Authority (SACAA) is planning to discuss and examine the status of what are known as Air Traffic Safety Electronic Personnel (Atsep) in South Africa. Atseps are the engineering technicians responsible for the maintenance, repair and overhaul of ground-based air... 

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