The only problem with state-owned entities is a lapse in governance‚ according to Finance Minister Malusi Gigaba.

Speaking at the Ekurhuleni Investment Conference on Monday‚ Gigaba said: “Often we talk ourselves down in a whole lot of ways. If you look at most of our SOEs‚ they actually are functioning very well.

“Even those who have one or two problems are making a significant contribution to the economy.”

Eskom had massive investment programmes with three new power stations coming up that would power the South African economy‚ he said.

“You would be made to believe that all is not well with our state-owned entities.”

The first problem to fix was the governance of SOEs.

“Problems are created by a lapse of governance… because of the shareholder dropping the ball by not ensuring companies, where they are shareholders, are governed as well as they should be.”

“I would be much more comfortable if we provided guarantees for state-owned entities to bolster their balance sheets … instead of financing incompetence and corruption.”

Without state-owned companies‚ SA would not have the infrastructure it had‚ he said.

“I believe there is nothing inherently inefficient in our state-owned entities. They pay well‚ and should able to recruit well-qualified professionals to run these entities.”

Singling out Eskom‚ he said it had taken only about R200bn of its R350bn guarantee and it might begin to pay back its guarantee and reduce its contingent liabilities.

Transnet had a vibrant small enterprise hub‚ he said.

“It is quite important for bigger state-owned entities to develop those capabilities as part of a merger as a contribution to economic transformation.”

The government plans to spend nearly R950bn over the next three financial years; SOEs will make up 46.7% of this expenditure. The total guarantees to SOEs amounted to R477.7bn in 2016-17 — roughly 10% of gross domestic product (GDP).

– iNet Bridge

CAPE TOWN – The ANC Women’s League has hit out at a newspaper article which has claimed that President Jacob Zuma has bought a “palace” in Dubai through the controversial Gupta family.

In a statement late on Sunday night, the ANCWL said it noted with “disdain” the article published by The Sunday Times titled “Zuma’s Dubai Palace”, which it said demonstrated “malice” in the manner journalists reported.

The ANCWL said: “On the 8th of May 2016, a year and few days from today, the City Press newspaper issued a head line titled ‘The Guptas R445m mansion’. A year later, on the 4th of June 2017, the Sunday Times published its own front page article titled ‘Zuma’s Dubai Palace’.”

The Women’s League said that in the City Press article, the reporter wrote with authority and reported as a fact that the same L35 plot had been bought by a certain family.

“The Sunday Times makes the similar allegations that the same plot L35 in the same area in Dubai belongs to and is owned by the ANC President, Cde Jacob G. Zuma. This blatant fabrication is done despite the Presidency issuing a statement and setting the record straight.

“The Sunday Times has not shown any proof on their deliberate fabrication aimed increasing sales and misleading the public on their article. We challenge the Sunday Times to present proof in form of a title deed that indeed the property they are writing about belongs to the President.

“It is our firm view as ANCWL that some media houses try desperately to report subjectively and rely on gossip and unproven facts. This style of reporting to us is not shocking but just proves our long held view that media freedom in South Africa is abused to suit a particular agenda and to malign integrity of ANC leaders, in this instance, the President of the ANC.”
 

Source- African News Agency

Mamelodi Sundowns’ Hlompho Kekana has been withdrawn from the Bafana Bafana squad due to the player still nursing an injury and has been replaced by his Masandawana teammate.

Head Coach, Stuart Baxter, announced his 25-man Bafana squad last month, May 25, with the 31-year-old forming part of the Englishman’s midfield contingent.

However, Kekana recently sustained an injury during one of Sundowns’ Absa Premiership clashes last month and was subsequently sidelined during the team’s final league clash last month and the CAF Champions League encounter on the weekend.

Now, the South African Football Association has confirmed that the player’s teammate, Tiyani Mabunda has replaced Kekana in the national team squad.

Mabunda was not selected in the official 25-man list, however, indications are that the 29-year-old was part of Baxter’s backup contingent.

It was recently confirmed that FC Twente’s Kamohelo Mokotjo was withdrawn from the national team squad, with Lebogang Phiri reporting to camp in his absence.

The squad reported to Bafana camp on Sunday, June 04, where they began preparations for country’s upcoming Africa Cup Of Nations’ qualifier against Nigeria on June 10. 

Source: http://www.soccerladuma.co.za