Its all over in Monterey as Bafana Bafana defeat South Korea 1-0 to book their place in the next round of the FIFA World Cup
#BafanaPride#BafanaBafana#FIFAWorldCup
We provide meals to over 350 people every day at 3 pm. Your support means a lot to us. We only accept donations in kind. You can find the contact number and address on the poster. #MasakanengSoupKitchen 🙏🏿❤️🙏🏿
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.
@pinkykhoabane@shufflesdu Seems like Batohi did well requ the establishment of the #NkabindeInquiry,I remember reading about CatoManor hit squad long ago killing people but later the journalists @IamMzilikazi were "discredited". I wonder if the families of the victims will be called to testify also.
IPID must table the PhalaPhala report to the Portfolio Committee on Police. SAPS members who conducted an unlawful investigation and tortured suspects must be held accountable for their actions.
Today I submitted a formal request to the Parliament of SA Portfolio Committee on Trade, Industry and Compt to review development finance processes affecting black industrialists.
If we want manufacturing growth in South Africa, entrepreneurs must be supported, not discouraged.
PLEASE REPOST:
I built South Africa's first black-owned electric vehicle company.
I have deployed 70+ EVs with Blue Chip Companies, Local SMEs and exported to the UAE.
I have invested R9.5 million of my own money over 10 years.
The IDC has given me R0.
They gave a white-owned competitor R69.9 million.
Thread. 🧵
@businessXplain@ParliamentofRSA@sedfa_dsbd@DSBD_SA@the_dtic@IDCSouthAfrica@PublicProtector@NAFCOCKZN
Enough about what went wrong. Let me tell you what we built while nobody was watching.
This is @scooterrsa. We turn city streets into moving media and high-performance delivery routes. Fully electric. Built in South Africa. Black-owned.
Here is what we can do for your business. 🧵
. @feziledhlamini_ The IDC and Black founders is trending. So I did what nobody else is doing, I pulled the actual funding data.854 companies. R65.9 Billion. 7 fiscal years. Every deal. Every shareholder name. Public record.The data is now live. Go look for yourself 👇 📊 https://t.co/B7nHWtxKAq
SHORT PRESENTATION
https://t.co/DMuzknIErI
(E&OE)