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:
Adriaan Bester (Avbob) explains what is likely to happen if someone in your household passes during these extraordinary times.Read More
The bank is extending its debt repayment holiday to personal account holders to help them through the Covid-19 crisis.Read More
The Motsepe family announced details of the donation on Saturday. Several hundred million rand will be available 'immediately'.Read More
The ratings agency cited weak growth and a decline in fiscal strength as its main reasons for the downgrade.Read More
Managing Director at Banking Association of South Africa Cas Coovadia says some branches will be open to process Sassa payments.Read More
Faith Popcorn is a US futurist who coined the term 'cocooning' - something we are all ordered to do now.Read More
In an unprecedented step, the Reserve Bank is buying government bonds.Read More
Edcon CEO Grant Pattison broke down in tears today, telling suppliers the company only has sufficient liquidity to pay salaries.Read More
Statistics South Africa warns the lockdown will impact on the collection and publication of official statistics.Read More
"We’ve seen an upsurge of complaints in the past two days," says the Competition Commission’s Thembinkosi Bonakele.Read More