Prasa assets not insured, you are riding at your own risk - Mantshantsha
Daily Maverick's Sikonathi Mantshantsha says train commuters in the Western Cape are riding at their own risk as Metrorail trains aren't insured.
Mantshantsha reports that cash-strapped Prasa has had its insurance cancelled by at least one major insurance company, Santam.
The state-owned rail services company has been operating without risk insurance cover on R3bn worth of its assets for the past six months.
Mantshantsha says Prasa is on a downward spiral.
Prasa is on its knees. Only 29% of trains are running as scheduled in the Western Cape.Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit
Meanwhile, he reports that Prasa's interim board chairman Khanyisile Kweyama is cruising around in luxurious vehicles to the value of R2.7m.
Now there is absolutely no insurance. Basically, you are riding at your own risk.Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit
Listen to him reflect on The Finance Week That Was:
This article first appeared on CapeTalk : Prasa assets not insured, you are riding at your own risk - Mantshantsha
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