Ramaphosa: 'Governance at SOEs just trashed and completely ignored'
President Cyril Ramaphosa says that his ministers, including Pravin Gordhan, have been shocked at the condition of SOEs.
JOHANNESBURG - President Cyril Ramaphosa says that his ministers have discovered horrific incidents at state-owned enterprises, with general corporate governance rules ignored and trashed.
He was speaking in a wide-ranging interview with Radio702's Xolani Gwala last night.
He revealed that debt at Eskom alone lies between R450 and R475 billion.
But the president says he will announce a task team to concentrate on the power utility on Friday, which will try and find solutions to repair the damage.
LISTEN: Ramaphosa reflects on his Presidency, horrified by corruption in SOEs
Ramaphosa says his ministers, including Pravin Gordhan, have been shocked at the condition of SOEs.
“And they are seeing a number of horrifying things where governance with rules and traditions and practices were just trashed and completely ignored, where people decided to do as they wish.”
However, he says the top minds in the country are being brought together to fix SOEs.
“We are going to be bringing together some really top brains in our country, working with our ministers and we will find our way out of this.”
The president says rating agencies have been very clear about their concerns and these are being addressed.
[WATCH] Full interview: President Ramaphosa in conversation with Xolani Gwala
(Edited by Mihlali Ntsabo)