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Number of the day, 12 March 2018

391 views · Published 12 March 2018 · 1:44 · Indexed 23 September 2026

Channel: SABC News · 2018 · News & Politics

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This week a parliamentary committee looking into alleged state capture at State Owned Entities will continue its efforts to obtain evidence from the Home Affairs Minister, Malusi Gigaba, from the former SAA chairperson Dudu Myeni and the Gupta brothers. 
Some of that evidence will no doubt remain elusive. 
But the number of the day links to the aftermath - the problem that new managers have been left with, who are now trying to rebuild SOEs. 
The number of the day is R700 billion. 
And this is a reminder of the pile of debt - the mountain - that South Africa's SOEs are sitting under. 
The figure was confirmed by the then Finance Minister, Malusi Gigaba, in the middle of last year in parliament and it reflects figures for the year until June 2016 - so it could be much higher now. 
The problem is that they not only owe this money but the interest payments - in 2015 - 2016 - R51 billion Rand.  
It compares to the R57 billion for fee free education this year.
This is been one of the biggest risks to the country as a whole, and one of the reasons for credit rating downgrades - because government would have to step in and spend taxpayers money and put other priorities at risk to prevent important SOEs like Eskom from failing. 
So a bit later tonight we'll look at the state of SOEs and ask if and when they will be able to emerge from this and stand on their own two feet. 


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