🏛️ State-Owned Enterprises have received nearly R400 billion in bailouts over the last nine years alone! 😱🤑 Shockingly, their CEOs have pocketed a staggering combined average of R2 billion in salaries, bonuses, and perks. 🤯💸 Read more here 👇
State-owned enterprises have sucked up almost R400 billion in bailouts in the past nine years alone, but despite their abysmal performance their CEOs have earned a combined average of R2 billion in salaries, bonuses and perks. And the bailouts have got worse during President Cyril Ramaphosa’s term in office. About 700 SOEs have sucked up R398 billion in taxpayer money to be rescued from 2013/2014 with Eskom accounting for 55% of that amount.
DA research showed SEO bailouts increased significantly in the past six years during President Cyril Ramaphosa’s time in office from 2018/19 to 2023/24 compared to the previous 10 years from 2008/09 to 2017/18. Total bailouts from 2018/19 to 2023/24 during Ramaphosa’s tenure was R292.28 billion which averaged out to R30.42 billion per year.
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