Prasa assets not insured, you are riding at your own risk - Mantshantsha
Daily Maverick's Sikonathi Mantshantsha says train commuters in the Western Cape are riding at their own risk as Metrorail trains aren't insured.
Mantshantsha reports that cash-strapped Prasa has had its insurance cancelled by at least one major insurance company, Santam.
The state-owned rail services company has been operating without risk insurance cover on R3bn worth of its assets for the past six months.
Mantshantsha says Prasa is on a downward spiral.
Prasa is on its knees. Only 29% of trains are running as scheduled in the Western Cape.Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit
Meanwhile, he reports that Prasa's interim board chairman Khanyisile Kweyama is cruising around in luxurious vehicles to the value of R2.7m.
Now there is absolutely no insurance. Basically, you are riding at your own risk.Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit
Listen to him reflect on The Finance Week That Was:
The new billionaire is not the person with a billion rand, but the person who can touch a billion people’s lives, says Scott.Read More
Two students are hoping to be crowned as the winners of a competition for student entrepreneurs worldwide.Read More
Devin Shutte (Head of Investments at The Robert Group) shares his stock picks of the week with Bruce Whitfield on The Money Show.Read More
Bruce Whitfield interviews News24 Editor Adriaan Basson, author of "Blessed by Bosasa - Inside Gavin Watson's State Capture Cult".Read More
The consumer protection authority in the province is adamant that the event organiser must give people their money back.Read More
Coffee shop franchise CEO Darren Levy condemns a poster in one of its stores claiming to be an "Independent Media Free Zone”.Read More
Cell C is in a losing race against MTN and Vodacom. Telkom is not going to let this one go, says TechCentral’s Duncan McLeod.Read More
The Money Show’s Bruce Whitfield asks EWN reporter Sifiso Zulu for the latest on the strike at SAA.Read More
Public Enterprises Minister Pravin Gordhan made the announcement on Monday.Read More
The industrial hub has signed several new investment agreements expected to boost maritime business and international trade.Read More