Sick picture of our SOEs

IT IS ESTIMATED that, since 1994, about R700 billion has been looted from South Africa. Frightening, to say the least.

Daily reports of mismanagement and corruption open up a whole new overview on how there is no accountability by the ANC on its appointments to various positions in local and central government and its control over the various SOEs.

Going back to 1994, we have had many examples of corruption, such as Travelgate, the arms deal and, more recently, Petronet, Transnet, Prasa, SAA and Eskom – I am sure, I have left out many other examples.

Looking back at these institutions and scandals, it is worrying that those people said to have been involved in these scandals, are all in the ANC.

However, no one has been booked or jailed for their misdeeds, theft or corruption – bar one or two scapegoats. Is it due to too many highranking people having been involved?

It seems a culture of theft and corruption has been deemed an acceptable norm. If this is not the case, why has the ANC allowed it to go on for so long? Why have all those accused of, or proven to have been involved with, corruption and mismanagement never been prosecuted or jailed?

No one from Travelgate went to jail. The arms deal has been covered up and swept under the carpet.

Look at the Eskom debacle. Eskom’s debt is estimated to be about R400bn. It has just received another loan of $100 million (R1.3bn) from a German bank.

A few years back, this SOE was in a fairly healthy financial position. How will Eskom ever get rid of its debt, bearing in mind that there is no real increase in the demand for electricity? It cannot get any real increase in market share because there is basically none.

The other aspect – that has not been made public – is what Zimbabwe and Mozambique owe Eskom. Yet we continue to supply them.

A similar sickening picture is painted of SAA, about which much has been written.

Why have the past management of all the SOE institutions – Prasa, Transnet, Petronet and others – involved with corruption and mismanagement, not been jailed for their alleged involvement?

Where is the ANC’s accountability? There is sadly and unfortunately none.

It is also interesting to note that many of the individuals who have been placed in important positions by past presidents, especially by Zuma and his alleged Gupta connections, had no real experience or management skills relating to the particular portfolios they had been assigned to. The result of this has been bloated, top-heavy management structures, all incurring unnecessary costs.

It would be interesting to see the total debt of all the SOEs since 1994.