Industrial development corporation
IDC experiencing pressure on balance sheet, MPs told
While the entity is not yet in financial trouble, it may have to look to partnerships with the government and the private sector to raise additional funds.
Cabinet has approved the appointment of Tshokolo Nchocho as chief executive officer of the Industrial Development Corporation (IDC).
Qhena who stepped down on Friday has been with the company for almost two decades and has served as CEO for 13 years.
Qhena, who has been the CEO for 13 years, says he feels like it’s time for him to step down.
Economic Development Minister Ebrahim Patel revealed on Thursday that the IDC had cancelled its loan agreement with the Gupta company.
Oakbay had until midnight to repay the IDC R293 million in outstanding capital and interest after the IDC cancelled its loan agreement with the Gupta company.
The IDC asserts that various misrepresentations and breaches of warranties were committed by the Oakbay Group.
The asset manager has lifted the suspension of its lending activities to the IDC.
Economic Development Minister Ebrahim Patel says the R23 billion funding to facilitate the growth of SA’s black industrialists will come from the IDC.
Quarter-on-quarter growth was just 0,7 percent from the second quarter's revised 3,2 percent.
The IMF issued a report suggesting labour unrest is a possible cause of slow economic growth in SA.
The IDC says South Africa is not fully benefiting from its natural resources.
A Foskor exec resigned a week after his bank statement was accidently e-mailed to staff.
Greenpeace could lay charges against a security company following Tuesday morning’s protest.
Activists chained themselves to the gate of the IDC as a continental nuclear energy conference opened.