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State Companies News

Former Land Bank CEO convicted of fraud

By: African News Agency      19th January 2018 The specialised commercial crimes court in Pretoria has convicted former Land Bank CEO Philemon Radichaba Mohlahlane and three others of defrauding the bank of at least R6 million in a case dating back to 2012. The Directorate for Priority Crime Investigation, commonly known as the Hawks, said... 

IDC assessing 21 applications under R1.5bn downstream steel incentive

By: Terence Creamer     19th January 2018 The Industrial Development Corporation (IDC) is currently assessing 21 potential transactions, worth a combined R437-million, arising from applications for support under a R1.5-billion industrial financing scheme set up in 2017 to support manufacturers of value-added steel products. The... 

IDC assessing 21 applications under R1.5bn downstream steel incentive

South Africa's rand near 2-1/2 year high, stocks ease

By: Reuters     19th January 2018 South Africa's rand scaled a fresh 2-1/2 year high against a broadly fragile dollar on Friday before easing after the central bank held interest rates steady on Thursday. At 0715 GMT, the rand was 0.1 percent weaker at 12.145 to the dollar after earlier hitting 12.0725, its best level since June... 

South Africa's rand near 2-1/2 year high, stocks ease

Editorial: Eskom requires surgery not a Band-Aid

By: Terence Creamer     18th January 2018 Eskom’s debt refinancing is undoubtedly a critical burning platform. The clock is most definitely ticking and the consequences of not closing the immediate financial chasm will be dire not only for the utility, but also for citizens. That said, government is extremely unlikely to allow Eskom to... 

Editorial: Eskom requires surgery not a Band-Aid

SABC says COO being finalised

By: African News Agency      16th January 2018 The appointment of the chief operating officer at the South African Broadcasting Corporation (SABC) is soon to be finalised as per the high court order on appointment of executives at the public broadcaster, the SABC board said on Tuesday. “The board wishes to state for the record that it has... 

SABC says COO being finalised

Without rain, S Africa's Cape Town may run out of water by April

By: Reuters     16th January 2018 South Africa's Cape Town, one of the world's iconic tourist destinations, could run out of water by April as the city's worst drought in a century risks forcing residents to join queues for emergency rations. "Day Zero" – the date taps are due to run dry – has crept forward to April 22 as city... 

Without rain, S Africa's Cape Town may run out of water by April

PPF warns CPS over its claims of over a R1bn from Sassa

By: African News Agency      15th January 2018 The Progressive Professionals Forum (PPF) said on Monday it was alarmed about service provider Cash Paymaster Services’ (CPS's) claim of more than R1-billion from the South African Social Security Agency (Sassa). CPS is reportedly claiming R1.3-billion from Sassa over what it has called a breach... 

 PPF warns CPS over its claims of over a R1bn from Sassa

SA Reserve Bank likely to keep repurchase rate unchanged this week – economists

By: African News Agency      15th January 2018 The South African Reserve Bank is likely to keep its repurchase rate at 6.75 percent this week, although it will probably lower its consumer inflation projections, financial group Investec said at the weekend. The Sarb is set to announce its decision on the repo rate on Thursday after a two-day... 

Eskom's bonds face suspension from South Africa exchange

By: Reuters     15th January 2018 South Africa's stock exchange has not received Eskom's interim results on time and if they are not submitted by Jan. 31 trading of the power utility's debt may be suspended, the Johannesburg Stock Exchange (JSE) said on Monday. Cash-strapped Eskom, the sole power supplier in Africa's most... 

Eskom's bonds face suspension from South Africa exchange

Opic executive VP tours Togo to see thermal power plant

By: Anine Kilian     11th January 2018 US government agency Overseas Private Investment Corporation (Opic) VP David Bohigian met with Togolese Prime Minister Komi Klassou on Wednesday to tour the Opic-supported Lomé thermal power plant, which has tripled the country's energy supply.   US-based ContourGlobal built the plant in Togo... 

SAA, TAAG sign code-share agreement

By: Schalk Burger     10th January 2018 State-owned airline South African Airways (SAA) and Angola State-owned airline TAAG Angola Airlines on Wednesday announced a code-share agreement for flights between Luanda and Cape Town or Johannesburg. “SAA will code-share with TAAG on direct services between Johannesburg and Luanda and between... 

Industry heavyweights praise State capture inquiry head appointment

By: Megan van Wyngaardt     10th January 2018 South African business and industry on Wednesday lauded the appointment of Deputy Chief Justice Raymond Zondo to head the commission of inquiry into State capture. This followed President Jacob Zuma's decision on Tuesday to appoint a commission of inquiry following an order issued by the North... 

Industry heavyweights praise State capture inquiry head appointment
Deputy Chief Justice Ray Zondo

Calls made for far-reaching Eskom restructuring as sustainability risks mount

By: Terence Creamer     9th January 2018 Eskom’s current financial situation makes it difficult to see any other path to sustainability than that of drastic cost-cutting, restructuring and bringing private equity into the business, Energy Intensive Users Group of Southern Africa (EIUG) past chairperson Piet van Staden argues. In an... 

Calls made for far-reaching Eskom restructuring as sustainability risks mount

Congo Republic to cut 2018 spending by 9% as growth lags

By: Reuters     28th December 2017 Congo Republic's government said on Wednesday it planned to cut spending next year by 8.6% to 1.38-trillion CFA francs ($2.5-billion), following a 45% cut to the 2017 budget this month, as it seeks an International Monetary Fund bailout. The economy has been badly hit by low oil prices and poor... 

Congo Republic to cut 2018 spending by 9% as growth lags

Balancing rules, safety and certification will be key to drone industry success

By: Dylan Slater     15th December 2017 The regulations and laws governing access to South African air space for remotely piloted aircraft systems (RPAS) are sound and among the “best in the world”, according to Edenvale-based commercial drone operator Visual Air Productions director Stephen Verheul.  

Balancing rules, safety and certification will be key to drone industry success

Court rejects Zuma's bid to review State capture report

By: African News Agency      13th December 2017 The High Court in Pretoria on Wednesday ruled that Chief Justice Mogoeng Mogoeng will select the judge to preside over the State capture commission of inquiry ordered by former public protector Thuli Madonsela. "The President [Jacob Zuma] is directed to appoint a commission of inquiry within 30... 

Court rejects Zuma's bid to review State capture report

South African defence industry group beleaguered by financial woes

By: Keith Campbell     13th December 2017 Trade union Solidarity on Wednesday reported that State-owned defence industrial group Denel might not be able to pay its staff their salaries for December. It did so in a press release, following a meeting with Denel management, and expressed its “shock and concern” at the situation. The union... 

South African defence industry group beleaguered by financial woes
Photo by Keith Campbell/Creamer Media
Some Denel products on display: in the very front, a portable launch system for the Ingwe anti-tank missile, followed by the Ingwe missile itself; behind them a Badger Infantry Fighting Vehicle and in the rear, a Casspir mine protected vehicle. Just visible between the Badger and the Casspir is a Seeker 400 unmanned aerial vehicle

Court action to stop PRASA 'conspiracy'

By: News24Wire      12th December 2017 The Passenger Rail Agency of South Africa (PRASA) has missed a deadline to respond to demands by the UniteBehind coalition. Legal action will now be taken against the agency responsible for Metrorail, GroundUp reports. 

Brown to reveal new Eskom board late on Friday

By: News24Wire      8th December 2017 Public Enterprises Minister Lynne Brown will reveal Eskom's new board on Friday. Brown's spokesperson Colin Cruywagen said that the long-awaited announcement would be made by end of business on Friday. 

 Brown to reveal new Eskom board late on Friday
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Battling threat of sugar tax, excessive imports and low price

By: Victor Moolman     8th December 2017 The large amount of sugar being imported into South Africa has caused the country’s sugar industry, which may soon be further compromised by the introduction of a sugar tax, to start exporting sugar at world market prices to offload excess sugar, which it is unable to sell locally. While opposing... 

Battling threat of sugar tax, excessive imports and low price
Photo by Victor Moolman
DEDICATED TO SUGAR CANE Large parts of KwaZulu-Natal and Mpumalanga, about 360 000 ha, are dedicated to growing sugar cane

Zuma promises ‘seamless’ ANC transition at energy indaba that sidesteps IRP debate 

By: Terence Creamer     7th December 2017 President Jacob Zuma used his address at the Energy Indaba, taking place in Johannesburg this week, to assure business and investors that the upcoming African National Congress (ANC) elective conference would be “orderly and peaceful”, while promising a “seamless” handover to the new ANC... 

Zuma promises ‘seamless’ ANC transition at energy indaba that sidesteps IRP debate
President Jacob Zuma and Energy Minister David Mahlobo

New Eskom board to be announced on Friday 

By: African News Agency      7th December 2017 The new board of South Africa's State-owned power utility Eskom will be announced on Friday, an official from the department of public enterprises said on Thursday. The names were discussed in Wednesday's cabinet meeting, but Public Enterprises Minister Lynne Brown's spokesperson Colin Cruywagen... 

 New Eskom board to be announced on Friday

Kganyago concerned another big power tariff hike will trigger grid defections

By: Terence Creamer     6th December 2017 South African Reserve Bank governor Lesetja Kganyago has added his voice to a growing chorus of concern that South African businesses, and even high-income households, could defect from the electricity grid in numbers should Eskom prevail in its bid for a 19.9% tariff increase from April 1, 2018.... 

Kganyago concerned another big power tariff hike will trigger grid defections
South African Reserve Bank governor Lesetja Kganyago

Nersa says special power deal for Silicon Smelters must start on July 1 or earlier

By: Terence Creamer     6th December 2017 The National Energy Regulator of South Africa (Nersa) has confirmed that a special pricing agreement (SPA) between Eskom and Silicon Smelters, which was approved in August, should commence no later than July 1, 2018, and continue for a maximum of two years. Silicon Smelters, a subsidiary of... 

Nersa says special power deal for Silicon Smelters must start on July 1 or earlier

Sarb’s attack could cost Mkhwebane her job, PP counsel argues

By: News24Wire      6th December 2017 The South African Reserve Bank’s (Sarb) personal attack on Public Protector Busisiwe Mkhwebane’s integrity could cost Mkhwebane her job, a court has heard. During the Bankorp-CIEX hearing which continued on Wednesday at the North Gauteng High Court, Mkhwebane’s legal counsel Paul Kennedy SC... 

 Sarb’s attack could cost Mkhwebane her job, PP counsel argues
Photo by Reuters
Public Protector Busisiwe Mkhwebane

Transnet board, executives to be summonsed after no-show in Parliament

By: African News Agency      6th December 2017 The board and executives of South Africa's State-owned freight and logistics company, Transnet, will be summonsed to appear before Parliament's standing committee on public accounts (Scopa) after a no-show on Wednesday. Board chairperson Linda Mabaso and her team were expected to respond to MPs... 

 Transnet board, executives to be summonsed after no-show in Parliament

Eskom inquiry postponed, suspended CFO Singh accused of delaying tactics

By: African News Agency      5th December 2017 Suspended Eskom CFO Anoj Singh was on Tuesday told he would be called to testify before Parliament’s inquiry into the power utility at a later date, after he infuriated MPs by submitting 400 pages of documentation less that 24 hours before his scheduled appearance. “We are not going to engage... 

Eskom administrator tells inquiry he insisted Brown be informed of Molefe's retirement package

By: African News Agency      5th December 2017 Eskom administrator Anton Minnaar on Tuesday told the parliamentary inquiry into Eskom that he insisted Public Enterprises Minister Lynne Brown be informed of the plans to grant former CEO Brian Molefe early retirement shortly after he left the company. "I knew there is risk in this whole thing,... 

 Eskom administrator tells inquiry he insisted Brown be informed of Molefe's retirement package
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Transnet CEO urges more investment in African ports

By: African News Agency      5th December 2017 The head of South Africa’s State-owned transport company Transnet on Tuesday called for greater integration, deregulation and investment into Africa’s port capacity, to reduce costs and increase turnaround times. Transnet CEO Siyabonga Gama told the African Terminal Operators’ Conference in... 

Sars denies paying Makwakwa a bonus while on suspension

     4th December 2017 The South African Revenue Service (Sars) on Monday dismissed as "inaccurate and untrue" media reports that its embattled chief officer of business and individual tax, Jonas Makwakwa, was paid a bonus while on suspension. "Sars finds it necessary to specifically clarify the deliberate... 

Sars denies paying Makwakwa a bonus while on suspension
Photo by Duane Daws
Sars Commissioner Tom Moyane

Nersa shifts Eskom tariff decision to December 13

By: Terence Creamer     4th December 2017 The National Energy Regulator of South Africa (Nersa) confirmed on Monday that it would announce its decision on Eskom’s 2018/19 revenue application on December 13, instead of the December 7 date initially set for the determination. “The date has been changed due to more time being required to... 

Nersa shifts Eskom tariff decision to December 13

CIPC collaboration with banks to extend to BEE certification

By: Nadine James     1st December 2017 Company registration and business licensing organisation, the Companies and Intellectual Property Commission (CIPC) reports that companies will soon be able to attain black economic empowerment (BEE) certificates from South Africa’s four main banking institutions. CIPC commissioner Advocate Rory... 

Necsa shuts down key unit because of compliance failure

By: Keith Campbell     1st December 2017 The South African Nuclear Energy Corporation (Necsa) has executed an immediate shut down of its NTP Radiochemical Facility, because of non-compliance with licensing conditions. NTP produces radioisotopes for both industrial and an especially medical purposes, and many cancer and other patients in... 

Lynne Brown says she will not resign

By: African News Agency      30th November 2017 Public Enterprises Minister Lynne Brown on Thursday dismissed calls for her resignation, saying that South African State-owned companies were in a better position since she took over in 2014. Brown, who twice missed a session to answer questions in the National Assembly - once because she was... 

Lynne Brown says she will not resign
Photo by Duane Daws
Public Enterprises Minster Lynne Brown

Ramaphosa rules out IMF assistance for Eskom

By: African News Agency      30th November 2017 Deputy President Cyril Ramaphosa on Thursday emphatically ruled out International Monetary Fund (IMF) assistance for struggling State-owned power utility Eskom, saying it could cost the country in terms of sovereignty. "Eskom is a jewel of our democracy and we need to pay attention to it and we... 

 Ramaphosa rules out IMF assistance for Eskom
Photo by Reuters
Deputy President Cyril Ramaphosa

Academy of engineers calls for nuclear procurement halt until IRP consensus is reached

By: Terence Creamer     30th November 2017 The South African Academy of Engineering (SAAE) has called for a moratorium on the procurement of new electricity generation capacity, including nuclear power, until consensus has been reached on a new Integrated Resource Plan (IRP), which should be the outcome of “proper consultation in an open... 

Academy of engineers calls for nuclear procurement halt until IRP consensus is reached
Photo by Duane Daws
Energy Minister David Mahlobo

Molefe's R30m pension was unlawful, must pay back – DA

By: African News Agency      29th November 2017 South Africa's official opposition, the Democratic Alliance (DA) on Wednesday told the High Court in Pretoria that the R30.1-million pension granted to former Eskom CEO Brian Molefe was unlawful. "He told the whole nation and the minister [Public Enterprises ... Minister Lynne Brown] that he was... 

 Molefe's R30m pension was unlawful, must pay back – DA
Photo by Duane Daws
Former Eskom CEO Brian Molefe
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