On request, Public enterprise minister Lynne Brown confirmed that Denel, the state-owned arms manufacturer, had a debt of R687 million in early November. Of this, a total of R266 million outstanding debt was older than 30 days, R86 million over 60 days, R185 million over 90 days and R151 million more than 120 days.
More than 1,500 suppliers were not paid within 30 or longer.
Denel earlier confirmed that it had severe cash flow problems and Treasury had to take action to ensure that salaries could be paid in December. It also included extraordinary bonuses for those who sit on soft chairs.
Eskom owed R102 million in November, Transnet R728 million and SA Express R382 million. It is just beyond R1 500 million owed by four state-owned institutions.
Economists say if they were private companies, they would have declared bankruptcy and had their assets seized. Meanwhile, the country is being milked by the taxpayer of their hard earned money.
Read the original article in Afrikaans on Die Vryburger
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