Auditor-General Kimi Makwetu says the state-owned SABC, the South African Post Office (Sapo) and PetroSA are on the verge of financial collapse.
Makwetu is also concerned about heavy losses and “other concerning financial indicators” at Armscor‚ the South African Nuclear Energy Corporation‚ and the Land and Agricultural Development Bank of SA.
He revealed in his latest report that state-owned companies irregularly spent R2.82 billion (2015 – 2016).
The Money Show’s Bruce Whitfield interviewed Makwetu.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Most times projects are not in place, but the money is not in the bank.— Kimi Makwetu, Auditor-General
Their [Sapo] ability to generate cash has slowed down.— Kimi Makwetu, Auditor-General
A lot of resources were spent without generating much…— Kimi Makwetu, Auditor-General
The issues at the Airports Company are manageable…— Kimi Makwetu, Auditor-General
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