#BizPrime NUMBER OF THE DAY: R1.6 billion
310 views · Published 16 January 2018 · 1:50 · Indexed 27 September 2026
Channel: SABC News · 2018 · News & Politics
The number of the day is R1.6 billion. Which is the amount of money in assets to be seized by Asset Forfeiture Unit from the global consulting firm Mckinsey and the Gupta linked consulting firm Trillian. The move is being welcomed as the first step towards recovering money stolen from South Africa by those involved in State Capture. Although some groups like Cosatu are asking why it has taken the authorities so long. The order relates to controversial consultancy work the two firms did for Eskom and Transnet. Assets can be frozen before criminal charges are proved, but they will be returned if a prosecution is not successful. There are some questions around why Mckinsey's assets are being seized since it had already agreed to pay back the R1 billion in fees it earned from Eskom. It said today that the money is ringfenced but it has not received any instructions from Eskom despite reaching out to the power utility. And it welcomes any efforts to help it pay back the money. Now this money could be just a drop in the ocean if some of the estimates about what has been lost to state capture are true. Last year former Finance Minister, Pravin Gordhan mentioned estimates of around R100 billion. For more news, visit: http://www.sabc.co.za/news
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