So the IDC just ran a paid News24 piece telling South Africa how great they are. Allow me to do something the IDC apparently cannot: basic maths.
They say they approved R26.6 billion in “transformation funding” last year and “created or preserved” 15,000 jobs.
That is R1,773,333 per job.
One million, seven hundred and seventy-three thousand, three hundred and thirty-three rand. Per job.
You could pay someone the average South African salary for nearly seven years with that money. Or you could give it to the IDC and they will “create or preserve” one job. Maybe. If the company does not end up in their R30 billion distress portfolio.
Oh, did I not mention that? The IDC’s distress portfolio, that is the money they invested that is now in trouble, is R30 billion. That is bigger than the R26.6 billion they approved this year. They are underwater. They are losing money faster than they are deploying it.
And of that R30 billion in distress? R9 billion is in black-empowered entities. So roughly a third of the “transformation” money they are bragging about in paid newspaper articles is currently circling the drain.
But wait, there is more.
Since 2017, the IDC has given R8.5 billion to 128 black industrialists. Sounds impressive until you learn that a single manganese company got R6.1 billion. One company. That is 72% of the total. Three companies consumed virtually the entire allocation.
The average per industrialist? R66.4 million.
Here is my favourite part: the IDC says 88% of its funding goes to black-owned businesses. Beautiful number. Very clean. Very round. Very paid-media-friendly.
But when NAFCOC went to Parliament and said the IDC is undermining black industrialists through “aggressive recovery actions, premature legal enforcement, and liquidation processes,” the Portfolio Committee Chair responded: “It appears that the IDC has not effectively embedded issues of transformation in its business processes.”
That is Parliament. Not me. Parliament.
So here is what R26.6 billion in “transformation funding” actually looks like:
1. R1.77 million per job (if you believe the job numbers).
2. R30 billion in distress (which they do not mention in the paid article).
3. R9 billion in black business distress (which they definitely do not mention).
72% of black industrialist funding going to three companies (which they will never mention).
But sure. Run the paid article. The maths will still be here in the morning.
Thieves stole more than 12 tons of KitKat bars while a shipment was en route across Europe
Nestle says the chocolate heist could cause shortages ahead of Easter
Thieves stole more than 12 tons of KitKat bars while a shipment was en route across Europe
Nestle says the chocolate heist could cause shortages ahead of Easter
In China, buses display traffic lights... on their backs! 🤯
To avoid obstructing the view of cars behind them due to the bus's size, the screen displays the traffic light in real time.
@TshenoloPi Please Let us help this lady 😭😭😭 I got her from ticktock, she escaped kidnapping. She jumped out of a moving car! The details of the Uber driver and his photo are posted at the end of the video 🙏
We live in strange and dangerous times of our country’s history.
Some members of @SAPoliceService want to arrest @XolaniKhumalo_ , working with their narcotics team members, for arresting a known drug dealer.
A drug dealer is then advised to open a case against Xolani and his team for assault, and a drug dealer’s case is not opened.
You can’t make it up, Mzanzi.
We are closely watching and monitoring the space.
This country is not going to be taken over by international drug syndicates in our presence. The future and safety of our youth is our priority worth fighting for.
So just like that , the Warris murder chat is done? No witnesses, no leads, no MPs getting justice like they promised.
The cost of a life is saddening, let’s do better. We’re not angry enough
WATCH | Indian billionaire Gautam Adani has joined the race for South Africa’s $26 billion power grid overhaul, sparking debate over foreign control of key energy infrastructure.
Can we have the full name of the guy who told DJ Warras not to go to the Zambezi building to check up on the people who were installing cameras and biometrics. He was the last person to talk to DJ Warras allegedly and he was going to meet with him in Hyde Park after his Zambezi building checks.
The guys first name is Innocent…………..a very Zimbabwean name!
Bryan Cranston had no idea he threw the pizza on the roof on first take. 🍕
“I got angry and flung it. It went flop, right in perfect spot. I heard gasps. But I continued. I got in the car, drove away, they said, ‘You couldn’t have placed it better.