Transnet inefficiencies are a massive blow to South Africa’s economy; Treasury says that the huge revenue overruns of the past two years will not be repeated; Former Eskom CEO Andre de Ruyter and former COO Jan Oberholzer are in hot water over controversial Fidelity contract; and dodgy diesel is making the rounds across the country.
A study by the GAIN Group says inefficiencies at Transnet are costing the economy R1 billion a day, meaning the economic growth of 0.5% expected for 2023 could have been 10 times higher at 5.4%. The report noted that export coal prices have declined considerably, and the nearly 5% GDP loss is catastrophic but could have been even worse at higher commodity prices.
The Association of Private Security Owners of South Africa is demanding an inquiry into the tender processes Eskom followed. City Press reported that Eskom insiders gave the publication access to a letter from Pillay to then Eskom CFO Calib Cassim, requesting permission to deviate from the utility’s payment policy and fast-track invoice payments to Fidelity amounting to more than R250 million.
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