South Africa is investigating over $7 billion in alleged corruption at state-owned companies, according to a new report by the Special Investigative Unit (SIU). The investigations, some ongoing since 2018, involve a slew of state-owned entities like Transnet, Eskom, and South African Airways. At Transnet alone, the SIU is investigating about 60 suspicious contracts worth nearly $4 billion as well as hundreds of potential conflict of interest cases. Eskom, the troubled power utility, is being probed for over 270 contracts totaling around $2.2 billion. The unit is also probing passenger rail company PRASA, where investigators estimate $540 million was lost, partly through payments to “ghost employees.” The SIU report highlights the scale of corruption during former President Jacob Zuma’s tenure, where widespread graft severely impacted South Africa’s economy. Current President Cyril Ramaphosa has vowed to tackle corruption within the government. However, experts remain skeptical about the recovery of the stolen funds.
SOURCE: AFRICA NEWS
South Africa Probes $7B Corruption in State-Owned Companies
