Joburg incurs over R1bn loss due to electricity theft
This is just one of the shocking findings found in a report by the Auditor-General.
JOHANNESBURG - The City of Johannesburg has incurred a loss of over R1 billion due to electricity theft in the past financial year.
That's just one of the shocking findings in a report by the Auditor-General.
The city has received an unqualified audit, meaning its financial records and statements had been fairly presented.
The municipality has also received a boost in its national credit rating.
But the metro's books are far from perfect.
The city has had to write off R4.4 billion in unrecoverable debt.
It's also suffered R1.8 billion in electricity theft in the year under review.
R1.24 billion has been lost on irregular, fruitless and wasteful expenditure.