Water & Sanitation Dept Bankrupt

The City Press newspaper reported yesterday that the department is more than R4.3 billion in debt, and unable to complete crucial projects or pay contractors. The department is also allegedly using an overdraft of more than R2.6 billion. Public Protector Busisiwe Mkhwebane is also investigating tender irregularities around a R26 billion. The department is insisting it’s not bankrupt, and it has sufficient funds to last until the end of the financial year.

R150 Million To Boost Small Black Businesses

Jeff Radebe says that the state spends R500 billion per year buying goods and services, and that that budget had to be used to achieve economic transformation. Radebe said once the bill that would make it compulsory for big contractors to subcontract 30% of business to black-owned enterprises was enacted, at least R150 billion would flow towards smaller businesses. The regulations regarding the subcontracting have been finalised and were gazetted in January.

Minister Dipuo Peters To Fire ACSA Board Members

Transport Minister Dipuo Peters has issued notices of intent to dismiss four Airports Company SA board members. The affected board members are nonexecutive directors John Lamola, McDonald Kenosi Moroka, Chwayita Mabude and Bajabulile Luthuli. The move seen as an attempt to shield CEO Bongani Maseko from being suspended and disciplined for flouting the parastatal’s supply chain rules.

Madonsela To Pay For Damaged State Vehicle

Former Public Protector Thuli Madonsela says she will pay for the state vehicle damaged in an accident while being driven by her son. Apologising to South Africans and the government for the regrettable incident, Madonsela said her decision to pay was informed by her “moral compass and ethical considerations.” In a letter sent to Mkhwebane, dated February 10, Madonsela also withdrew her objection for being charged for VIP protection services during the off duty period determined by the police VIP unit to end on November 30, last year.

Tsogo Sun To Potentially Sell Assets

Listed Hospitality Property Fund has entered into negotiations with Tsogo Sun Holdings on the potential acquisition of a R3.3billion portfolio of hotel assets. Subject to the conclusion of formal agreements related to the proposed transaction and securing the necessary shareholder approval, Hospitality is preparing to undertake an underwritten rights offer to raise about R1.8bn.

Jose Cuervo Tequila IPO

Jose Cuervo’s stock price rose as much as 8.8% after the world’s biggest tequila maker sold about $790 million shares. The distiller’s $6.3 billion valuation makes it one of the 20 biggest companies on Mexico’s benchmark stock gauge. Juan Francisco Beckmann Vidal and Juan Domingo Beckmann, the heirs to the family that controls Jose Quervo now have a combined wealth of about $5.9 billion.

Currencies And Stuff

Oil 56.60 – Rand/USD 13.38 – Rand/GBP 16.69 – Rand/EUR 14.21

 

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Author: The Turk Report

Simplifying complex money matters

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