AFRICA

South Africa Grapples With $7bn Corruption Scandal

A shocking report  released by the Special Investigative Unit (SIU) has exposed a massive corruption scandal involving six state-owned companies, with alleged fraud totaling over $7 billion.

The SIU’s investigation, which began in 2018, has uncovered widespread corruption, conflict of interest, and suspicious contracts at Transnet, Denel, Eskom, the National Lotteries Commission, South African Airways, and PRASA.

According to the report, Transnet alone is under investigation for nearly $4 billion in public money, involving 60 suspicious contracts and hundreds of cases of conflict of interest.

Another 40 ongoing investigations into alleged corruption at various state-run businesses and government departments are worth billions more dollars.

“The culture of graft permeated through all levels of government,” said the SIU report, highlighting the scale of South Africa’s corruption problem over the last 15 years.

The allegations of widespread corruption during former President Jacob Zuma’s administration led to a judicial inquiry, which implicated numerous government officials and executives at state-run businesses.

However, hardly any of those implicated have faced criminal charges.

Current President Cyril Ramaphosa has pledged to clean up his party and government, but anti-corruption experts doubt much of the money will be recovered.

“The SIU’s work reveals some of the scale of South Africa’s corruption problem over the last 15 years,” said the report. “It’s a devastating impact on South Africa’s economy.”

Boluwatife Enome

Follow us on:

AriseNews

Recent Posts

CAC Removes Innoson, Daitama, 80,000 Dormant Companies From Register For Ignoring Annual Return Deadlines

The CAC has removed dormant companies that failed to file annual reports for 10 years…

3 hours ago

NEC Gives Kwara, Kebbi, Adamawa One Week To Submit State Police Reports

NEC has set a one-week deadline for Kwara, Kebbi, and Adamawa to submit state police…

5 hours ago

Amazon Faces Potential EU Investigation Over Preferential Treatment Of Own Products

Amazon may face an EU investigation over preferential treatment of its own products under the…

5 hours ago

Akpabio Hails Igbo Resilience + Ndume Begs Senate To Allow Ubah’s Widow Succeed Him – Trending With Ojy Okpe

https://cdn.veri.app/a21afe40-c7c7-4a5c-b145-4fc72382ab4b.mp4 Senate President, Godswill Akpabio, during the night of tribute, held in honour of the…

5 hours ago

Kano Governor Yusuf Reunites 76 Pardoned Minors To Families

The Kano State government has reunited 79 pardoned minors accused of looting in the #End…

5 hours ago

Matt Gaetz Steps Down as Trump’s Attorney General Pick

Matt Gaetz has announced that he is withdrawing his name from consideration as Donald Trump’s…

5 hours ago