'SOEs are failing because the board of directors are not competent'

They are failing because the board of directors are not competent to run multibillion rand organisations.

Shaun Liebenberg

On Wednesday ratings agency Moody’s placed Eskom, Sanral, the Industrial Development Corporation (IDC), the Development Bank of Southern Africa (DBSA) and the Land Bank on immediate review for a downgrade.

Moody’s is concerned about their access to the debt market and their ability to absorb higher funding costs.

The Money Show’s Bruce Whitfield interviewed Shaun Liebenberg, a former CEO at Denel.

Scroll down for more quotes from the audio below.

I ran Denel up until 2008.

Shaun Liebenberg

Every SOE’s board of directors is appointed by Cabinet. They are responsible.

Shaun Liebenberg

What is the mandate of an SOE? At Denel it was to create a globally competitive organisation.

Shaun Liebenberg

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