Latest news with #R152m
TimesLIVE
5 days ago
- Business
- TimesLIVE
These are areas where Joburg roads agency will spend its budget
The Johannesburg Roads Agency (JRA) on Tuesday spelt out where it intends spending a capital injection of R2.8bn over the next three financial years, kicking off with R912.8m for this financial year. 'Every rand allocated will be used efficiently and effectively to make a tangible difference in the lives of Johannesburg residents and road users,' JRA CEO Zweli Nyathi pledged. Key projects include: Upgrading high-traffic corridors that link townships to major economic centres to ease congestion and enhance connectivity. The citywide resurfacing programme spans roads linking Kliptown to Eldorado Park, Lord Khanyisile Road, London Road in Alexandra, the M1 and M2 and the Soweto highway. In the 2025/2026 financial year, R189m will be invested in stormwater expansion in vulnerable areas such as Orange Farm, Ivory Park, Braamfischerville, Protea Glen and Kliptown to enhance flood mitigation. This encompasses the conversion of open drains to underground channels, the rehabilitation of open channels, emergency stormwater repairs and the development of new stormwater catchments. Ensuring the structural integrity of bridges and culverts. The city has allocated R152m for bridge rehabilitation in the 2025/2026 period in areas including Sjampanje Street bridge, Elias Motsoaledi bridge, Moroka Nancefield Road bridge, FNB Stadium bridge, Lenasia bridge and the New Naledi bridge. Upgrading traffic signal infrastructure at a cost of R60m for the 2025/2026 period. Priority areas are Winnie Mandela Drive, Hendrik Potgieter Road, Malibongwe Drive, Chris Hani Road, Main Road, Ontdekkers Road, Mooki Road and the Soweto highway. The upgrading of gravel roads to surfaced standards will continue in previously underserved areas including Kaalfontein, Orange Farm, Tshepisong, Diepsloot and Mayibuye.
IOL News
12-06-2025
- Business
- IOL News
Scrutiny mounts over R86 million spent on South African Post Office business rescue
According to the AG report, Sapo is not meeting their payment commitments to their creditors, including statutory creditors, resulting in interest and penalties being charged on late or non-payment. Image: Independent Newspapers Archives Parliament's Standing Committee on Public Accounts (Scopa) has expressed serious concerns regarding more than R86 million paid to the South African Post Office (Sapo) business rescue practitioners (BRPs), Anoosh Rooplal and Juanito Damons, since their appointment in 2023. Members of Parliament on Wednesday questioned the revelation of zero consequence management at Sapo as wasteful and fruitless expenditure was sitting above R200 million since 2021. This comes as R152m remains unaccounted for in the current year, with further reports of R136m being written off by the BRPs. "I would like to understand that it is two people, that is already R86m spent on them, please Auditor-General, take us nicely. Did you have sight of what the R86m was paying for? What are the other consultants? What is the period of these people being there," asked MP Veronica Mente-Nkuna. "History has treated us badly with business rescue We saw with SAA that has turned itself around but the busines rescue process did hot have much contribution in turning it around." Executives for the Office of the Auditor-General (AG) clarified that the R86m paid to the two practitioners was regulated with caps and rates on what they could charge for, further explaining that they needed to contract independent expertise. Some of the key things were the actual turnaround plan and implementing the plan as well, They also needed someone on the ground to support management, closing the Section 189 legal involvement, and the involement of other practitioners such as tax, legal, evaluators and others. According to the AG report, Sapo is not meeting their payment commitments to their creditors, including statutory creditors, resulting in interest and penalties being charged on late or non-payment. The fruitless and wasteful incurred for the current year was R152m, however R136m was written off as result of the business rescue process for the current year. Similarly, the opening balance was decreased by R484m as a result of the business rescue process. Sapo's consequence management for fruitless and wasteful expenditure is inadequate, with delayed investigations, poor record-keeping, and weak disciplinary actions, undermining accountability and allowing financial inefficiencies to persist, the AG reported. "What is the Sapo's culture around fruitless and wasteful expenditure is marked by weak accountability, poor financial management—such as entering contracts without cash flow confirmation—and a tolerance for inefficiency, resulting in repeated financial losses," noted the AG report.. "Its consequence management is reactive and permissive, with delayed actions often justified by financial difficulties, undermining effective financial control." The AG said weak internal control environment around cashflow management, ineffective contract management, and lack of accountability were the main contributing root cause to the culture Sapo's fruitless and wasteful expenditure. Cash flow constraints further delay payments, leading to avoidable costs such as interest and penalties. The AG said weak consequence management stemmed from lack of leadership and oversight, delayed investigations, inadequate disciplinary action, and poor record-keeping of evidence supporting fruitless and wasteful expenditure cases, often excused by financial difficulties. The AG said executive management must enforce accountability on all responsible officials accountable for financial decisions and contract management through capacitating the Financial Misconduct Committee (FMC) in order to change the culture of fruitless and wasteful expenditure. It also recommended that the board to be appointed should strengthen oversight over the FMC, and the Department of Communications and Digital Technologies, together with the board, should ensure strict monitoring and consequence management. BUSINESS REPORT
The Citizen
04-05-2025
- Business
- The Citizen
Sibaya Precinct upgrade gets green light from council
A MULTI-MILLION rand upgrade of the Sibaya Coastal Precinct has been given the green light by the eThekwini Municipality council, following the unanimous decision on the proposal to unlock the next stage of development and road infrastructure upgrades estimated to be worth R160m. The endorsement of the ambitious mixed-use development project comes at a cost of R7.8m for eThekwini, which is subject to cost recovery from the KwaZulu-Natal Department of Transport. 'The developer has committed to funding R152m, equivalent to 95.1% of the total cost. The municipality will contribute R7.8m, which is 4.9%, subject to cost recovery from the KwaZulu-Natal Department of Transport,' said municipal spokesperson Gugu Sisilana. She said this funding will support the upgrade of critical slip lanes on the M27 and M4 routes. 'A Memorandum of Agreement between the City and the developer will formalise the terms. Councillors unanimously welcomed the proposal, highlighting the transformation it will bring to the northern development corridor,' said Sisilana. Also Read: City not bankrupt – eThekwini Municipality According to the City, the upgrade of the Sibaya Coastal Precinct will attract R11.3b in investment over three years, and R23b over eight years. The development includes residential, commercial, retail and hospitality components. 'The municipality also anticipates significant rates revenue, expected to increase from R219m in 2025 to R770m annually by 2032. The anticipated additional rates revenue from the development over the eight-year roll-out period is estimated at R3.8b,' said Sisilana. The project is expected to create an estimated 50 000 temporary construction jobs and 20 000 permanent jobs post-construction. 'Local businesses will benefit through subcontracts and skills development, offering training and learnerships for community members,' said Sisilana. For more from Berea Mail, follow us on Facebook, X and Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Click to subscribe to our newsletter – here At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
