Chinese companies are getting very juicy and inflated contracts without due process, but the president is asking the private sector to create employment.
South Africa President Cyril Ramaphosa earlier called on whites who to a large extent operate in the private sector to invest in the youth and offer them job opportunities.
Ramaphosa addressed asset managers in Johannesburg on Wednesday.
The president said he’ll pick ministers who will help grow the economy.
In a related development Transnet jumped through hoops, broke the law and astronomically inflated prices just to secure a Chinese locomotive company a sweet R25bn deal – a transaction facilitated by the Guptas and their cronies at the state-owned entity.
According to Transnet’s acting chief executive Mohammed Mahomedy, who was testifying at the state capture inquiry yesterday, China South Rail (CSR) appeared to have enjoyed special treatment from the company’s former administration under Brian Molefe, whose fingerprints, along with those of his chief finance officer Anoj Singh, are all over dodgy deals dating back to 2012.
Mahomedy said Transnet violated sections of the Public Finance Management Act in irregularly awarding CSR three rail contracts worth about R25.2bn: