DA slams ANC govt for spending R283bn on bailing out SOEs in past 5 years

CAPE TOWN - The Democratic Alliance (DA) slammed the African National Congress (ANC) government for spending R283 billion bailing out major state-owned enterprises (SOEs) in five years.  

The party said in that period, only one SOE had made a return on investment for the state. 

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DA public enterprises spokesperson, Mimmy Gondwe, said government had failed to revive state entities but instead threw billions at them in bailout money.

"The ANC government has spent R283 billion bailing out Eskom, Denel, Transnet, and SAA [South African Airways]. In those five years, only SAFCOL [South African Forestry Company Limited] has declared a R1 million dividend to the government shareholder. This is a shocking return on investment that exposes how the ANC government’s state-led SOE model has collapsed public finances."