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State Companies News

Nersa to make earlier decision on Eskom RCA applications

By: Marleny Arnoldi     29th March 2018 The National Energy Regulator of South Africa (Nersa) has moved forward public hearings into Eskom’s regulating clearing account (RCA) applications for 2014/15 to 2016/17.  

Moody's downgrades Eskom's ratings to a negative outlook 

By: African News Agency      29th March 2018 Moody's Investors Service on Wednesday, announced a decision to downgrade to B2 from B1 the long-term corporate family rating (CFR) of Eskom Holdings SOC Limited (Eskom) and the zero coupon eurobonds to B2 from B1 in line with the CFR.  "The rating action reflects the fact that, despite a number... 

Moody's downgrades Eskom's ratings to a negative outlook

Construction set to begin on ‘flagship’ 40 MW Moz solar project

By: Terence Creamer     28th March 2018 Oslo-listed renewable-energy developer Scatec Solar, which has its African regional hub in Cape Town, South Africa, expects to begin constructing a 40 MW solar photovoltaic (PV) project in Mozambique in the coming weeks after the project reached financial close in early March. GM and VP for... 

Construction set to begin on ‘flagship’ 40 MW Moz solar project
Scatec Solar's Kalkbult solar farm in South Africa

Lowering SoE risk to fiscus requires governance and business-model reform - S&P

By: Terence Creamer     27th March 2018 The risk posed to government’s fiscal position as a result of contingent liabilities linked to South Africa’s State-owned enterprises (SoEs) will be only partly alleviated by governance reforms, S&P Global Ratings warns, arguing that greater attention will also have to be given to reforming SoE... 

Lowering SoE risk to fiscus requires governance and business-model reform - S&P

Eskom goes to Parliament to argue its case for a higher tariff increase 

By: Kim Cloete     27th March 2018 Eskom’s top officials have gone to Parliament to argue their case for a higher tariff increase, saying the 5.23% tariff increase for 2018/19 granted by the National Energy Regulator of South Africa (Nersa) would seriously harm the utility. “The 2.2% price increase for 2017/18 has strained the... 

Eskom goes to Parliament to argue its case for a higher tariff increase
Photo by Dylan Slater
Eskom acting CEO Phakamani Hadebe

Burger resigns as CEO of Denel Land Systems

By: Creamer Media Reporter      27th March 2018 Stephan Burger has resigned as CEO of Denel Land Systems (DLS). Burger, who is one of the longest-serving members of the Denel group, was appointed CEO of DLS in 2004. 

SAA losses mount for 2017 

By: African News Agency      27th March 2018 National carrier South African Airways made a further financial loss of R3.7-billion over the nine months to the end of 2017, as revenue dipped about R1-billion below its forecasts for that period. The figures were tabled in a briefing by SAA CEO Vuyani Jarana, chairman JB Magwaza and executives... 

Saftu condemns CSR’s local content exemption request

By: Simone Liedtke     26th March 2018 The South African Federation of Trade Unions (Saftu) says it is angered by the revelation that China South Rail (CSR) wants South Africa’s government to grant it an exemption from its local content obligations, worth R5.3-billion, as part of the conditions for it supplying new locomotives to... 

Ramaphosa amends rules of State capture inquiry

By: African News Agency      23rd March 2018 President Cyril Ramaphosa's office said on Friday he has amended the rules of the commission of inquiry into state capture to make testimony before it admissible in criminal proceedings, with the exception of where a witness may incriminate him or herself. The amendment to regulation 8(2) of the... 

Gupta-linked Chinese firm wanted R5bn local content exemption 

By: News24Wire      23rd March 2018 China South Rail (CSR), the company that allegedly paid R5-billion in bribes to the Guptas, has asked the South African government for exemptions on its local content commitments worth R5-billion. News24 is reporting that CRRC, which was formed when CSR and fellow Chinese rail giant China North... 

 Gupta-linked Chinese firm wanted R5bn local content exemption

SA Revenue Services welcomes Mark Kingon's appointment as acting commissioner

By: African News Agency      22nd March 2018 The South African Revenue Service (Sars) on Tuesday, welcomed the appointment of Mark Kingon as acting Commissioner with immediate effect. "Sars has full confidence in the abilities of Mr Kingon to manage this new additional role as we continue with our absolutely important mandate of collecting... 

SA Revenue Services welcomes Mark Kingon's appointment as acting commissioner

There are no investigations into Gordhan – Hawks

By: News24Wire      20th March 2018 The Hawks have denied allegations that they are targeting Public Enterprises Minister Pravin Gordhan for supposedly taking part in illegal interceptions and spying during his time as South African Revenue Service (Sars) commissioner. In a statement, Hawks spokesperson Brigadier Hangwani Mulaudzi... 

There are no investigations into Gordhan – Hawks
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

55 municipalities are dysfunctional – Mkhize 

By: News24Wire      20th March 2018 No fewer than 55 municipalities have been identified as distressed or dysfunctional, Cooperative Governance and Traditional Affairs (Cogta) Minister Zweli Mkhize says. Mkhize announced on Tuesday that he would be deploying technical capacity experts who would provide support to municipalities in... 

55 municipalities are dysfunctional – Mkhize
Photo by Duane Daws
Cogta Minister Zweli Mkhize

SARB's Naidoo: We warned VBS on its reliance of huge depositors 

By: African News Agency      20th March 2018 In his presentation to the Standing Committee on Finance, South African Reserve Bank (SARB) registrar Kuben Naidoo raised concerns including deficient compliance culture, weak asset and liability management, potentially illegal municipal depositions and poor quality in regulatory reports. The... 

SARB's Naidoo: We warned VBS on its reliance of huge depositors

Moyane threatens Ramaphosa with legal action over suspension

By: News24Wire      20th March 2018 Suspended South African Revenue Service (Sars) head Tom Moyane has threatened legal action over his suspension.  In a letter that Moyane wrote to President Cyril Ramaphosa on March 19, he said that his suspension was part of an "unlawful process".  

 Moyane threatens Ramaphosa with legal action over suspension
Photo by Duane Daws
Suspended Sars Commissioner Tom Moyane

Wind body dismisses as ‘false’ link between IPPs and tariffs surge

By: Terence Creamer     16th March 2018 The South African Wind Energy Association (SAWEA) has dismissed as a “falsehood” claims by the National Union of Metalworkers (Numsa) and Transform RSA that the 27 renewable-energy projects, which the two organisations are seeking to block through a court challenge, will raise the cost of... 

Wind body dismisses as ‘false’ link between IPPs and tariffs surge

Renewables advisory firm still bullish on South African prospects despite setbacks

By: Terence Creamer     16th March 2018 International renewable-energy advisory firm K2 Management remains convinced that, despite recent setbacks, the role of wind and solar will continue to rise in the South African electricity mix. Therefore, the company is preparing to expand its presence in the country, as well as the rest of... 

Renewables advisory firm still bullish on South African prospects despite setbacks
K2 Management South Africa head Hebren James

Eskom to use PEWA as engagement platform

By: Marleny Arnoldi     16th March 2018 With new board members appointed at State-owned utility Eskom, it is important that they create credibility and communicate adequately with the market on what they are doing to stabilise the utility, and the hosting of this year’s Power & Electricity World Africa (PEWA) will be used as a platform... 

Eskom to use PEWA as engagement platform
JABU MABUZA PEWA organiser Terrapinn believes Eskom’s issues will stabilise, especially with strengthened governance that entailed the appointment of the new Eskom chairperson and board

State firms and departments ‘obliged’ to implement B-BBEE Act 

By: Simone Liedtke     15th March 2018 Out of 195 compliance reports received from the Broad-based Black Economic Empowerment (B-BBEE) Commission, only eight were from State entities and government departments, representing a gross level of under compliance, Trade and Industry Minister Dr Rob Davies said on Thursday. None were from... 

Sars boss Moyane 'not aware' of reports he may be axed

By: News24Wire      15th March 2018 South African Revenue Service (Sars) Commissioner Tom Moyane said on Thursday he has not had the opportunity to monitor news reports stating that his removal from the country’s tax authority may be imminent. On Thursday Business Day reported that Cabinet was due to discuss Moyane's removal,... 

 Sars boss Moyane 'not aware' of reports he may be axed
Photo by Duane Daws
Sars Commissioner Tom Moyane

Numsa supports renewable energy, wants job security

By: Sane Dhlamini     15th March 2018 The National Union of Metalworkers of South Africa (Numsa) on Thursday said its opposition to Eskom’s power purchase agreements with independent power producers (IPPs) was because the State had not consulted workers on the impact of the deal. Numsa and Transform RSA used the courts to block the... 

Numsa supports renewable energy, wants job security
Photo by Creamer Media
Numsa installed rooftop solar at its Johannesburg office in 2013.

SoE invites partners to help it supply essential medicine in Southern Africa

By: Schalk Burger     14th March 2018 State-owned pharmaceutical company Ketlaphela Pharmaceutical has released an expression of interest through which it is “seeking suitable experienced pharmaceutical companies or consortiums to partner with in order to supply essential medicines to South Africa and the region at large.” The... 

Beleaguered Jonas Makwakwa quits Sars

By: News24Wire      14th March 2018 The South African Revenue Service (Sars) announced on Wednesday that its chief officer for business and individual tax, Jonas Makwakwa, has resigned with immediate effect. Sars commissioner Tom Moyane made the announcement at an urgent briefing. 

Beleaguered Jonas Makwakwa quits Sars

Transnet is trying to root out Gupta-related corruption – Gama

By: African News Agency      14th March 2018 Transnet is trying to get to the bottom of how the company was committed to contracts that saw an agency linked to the Gupta family earn lavish fees on its infrastructure contracts, CEO Siyabonga Gama told MPs on Wednesday. "It has given Transnet a very bad name and a very bad reputation, so that... 

Transnet is trying to root out Gupta-related corruption – Gama

SAA suspends CFO over disciplinary process

By: Reuters     14th March 2018 State-owned airline South African Airways (SAA) has suspended indefinitely two officials including its chief financial officer, its spokesperson said on Tuesday, over a disciplinary process at the loss-making airline. CFO Phumeza Nhantsi and the head of the airline's technical unit Musa Zwane... 

Ramaphosa meets chief executives at State-owned companies

By: African News Agency      14th March 2018 President Cyril Ramaphosa held brief discussions on Tuesday 13 March 2018, with Chief Executive Officers of a number of state-owned companies (SOC). In his February 2018 State of the Nation Address, the president said the government would intervene decisively to stabilise and revitalise... 

 Ramaphosa meets chief executives at State-owned companies
SA President Cyril Ramaphosa

Busa optimistic of South Africa’s economic prospects

By: Marleny Arnoldi     13th March 2018 Business Unity South Africa (Busa) is optimistic about South Africa’s economic prospects following meetings with investors and ratings agencies in London this week.  

Metrorail train hijackings a ticking time bomb, warns union

By: Irma Venter     13th March 2018 It is only a matter of time before the Passenger Rail Agency of South Africa (PRASA) will be forced to face another derailment or serious accident on its Metrorail lines, says United National Transport Union (UNTU) spokesperson Sonja Carstens. “PRASA is sitting on a ticking time bomb.” 

Metrorail train hijackings a ticking time bomb, warns union

Jarana defends SAA’s poor performance, lack of turnaround

By: Megan van Wyngaardt     13th March 2018 State-owned South African Airways (SAA) on Tuesday said it was again taking “urgent steps” to address issues raised by the Auditor-General’s (AG’s) office in its 2016/17 audit report, which was released last week. “The AG has given us a comprehensive diagnosis into key areas of our business and... 

Legal challenge a hurdle, but 'not end of the road' for renewables

By: Terence Creamer     13th March 2018 The excitement associated with Energy Minister Jeff Radebe’s move to end two years of confidence-sapping uncertainty in South Africa’s independent power producer (IPP) market, turned to frustration on Tuesday when the signing of agreements for 27 renewable-energy projects was voluntarily delayed... 

Legal challenge a hurdle, but 'not end of the road' for renewables
Energy Minister Jeff Radebe

Land expropriation talk countered by lure of better returns in SA

By: Irma Venter     9th March 2018 While land expropriation without compensation “will be a challenge”, with a “lot of work remaining to be done” before it can become a reality, there is hope that “the rethoric around land will not upset foreign investment too much”, says Econometrix chief economist and director Dr Azar Jammine.... 

Land expropriation talk countered by lure of better returns in SA
Dr Azar Jammine

Sars appoints debt collectors to recover R16.6bn owed 

By: African News Agency      9th March 2018 The South African Revenue Service (Sars) announced on Friday that it has appointed eight debt collection agencies to recover an amount of R16.6-billion in debt owed to it. Sars said the objective was to boost revenue collection by outsourcing the recovery of older and relatively small amounts due... 

Sars appoints debt collectors to recover R16.6bn owed

SA’s radioisotope producer restarts production

By: Rebecca Campbell     9th March 2018 The South African Nuclear Energy Corporation (Necsa) announced on February 21 that its subsidiary company, NTP Radioisotopes, had resumed production. Necsa shut down operations at NTP in late November due to non-compliance with safety protocols at the radioisotope producer, a step with which the... 

NPC engages stakeholders on South Africa’s future energy mix

By: Marleny Arnoldi     8th March 2018 The National Planning Commission (NPC) on Thursday hosted a roundtable discussion on its energy paper, which was released in February. The discussion covered mainly coal and carbon pricing, the end-state of the electricity industry, nuclear energy, the integration of renewables into the national... 

NPC engages stakeholders on South Africa’s future energy mix

Eskom to conduct own investigation on SAP, Gupta contracts

By: African News Agency      8th March 2018 South African power utility Eskom said on Thursday that it was aware of damning findings of an investigation by German software maker SAP into its dealings with state-owned entities as a third party SAP said that it had finished its investigation by the law firm Baker McKenzie into South Africa's... 

SA revenue service special voluntary disclosure programme reaches R3.3bn mark

By: African News Agency      8th March 2018 The South African Revenue Service (Sars) said on Thursday it had entered into payment agreements through its Special Voluntary Disclosure Programme with non-compliant taxpayers who owe it over R3.3-billion in tax liabilities through unauthorised foreign assets and income. Sars said such taxpayers... 

 SA revenue service special voluntary disclosure programme reaches R3.3bn mark

State capture inquiry team announced

By: African News Agency      7th March 2018 Chair of State capture commission of inquiry Deputy Chief Justice Raymond Zondo on Wednesday announced key appointments to the inquiry, which included former auditor general Terence Nombembe. Nombembe, who is now chief executive of the South African Institute of Chartered Accountants, will head a... 

 State capture inquiry team announced
Deputy Chief Justice Raymond Zondo

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