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SA to reform state firms after graft scandals – minister

As government seeks to return credibility to entities .

South Africa will announce details of wide-ranging reforms at state-owned firms within four weeks, the public enterprises minister said on Tuesday, as government seeks to return credibility to companies hobbled by graft and mismanagement.

The control board members have over procurement at state companies, one of the main processes alleged to have been abused by officials in the past, will be changed within two to three months, Pravin Gordhan told a union meeting.

He said new board members will be appointed to state firms in need of reform within two to three months, without naming the companies.

Gordhan, a popular figure with investors, was appointed by President Cyril Ramaphosa in a cabinet reshuffle last week with the mandate to clean up state firms that have become a burden on government finances and a focus of ratings agencies.

Gordhan served as finance minister from 2009 until 2014 and again from 2015 until 2017 but was fired by scandal-plagued former president Jacob Zuma after openly criticising the corruption in his government.

“We’re on a good wave of change in South Africa,” Gordhan told union members and reporters in Pretoria.

“Hopefully in the next four or so weeks one will be able to say these are the ten steps that we’re taking.”

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It’s a pity that Eskom has repaid the PIC loan ( with R30million interest and after the tax year end!) they should have rather converted the loan to shares in a newly privatized listed company. Would have been a good start in resuscitating formally captured State owned Enterprises.

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