“There are few regulatory processes that need to be concluded before an injection of R3bn working capital by the strategic equity partner takes place and the state is able to consolidate its golden share.”
Gordhan also told parliament about the work being done to fix other SOEs including Eskom, SAA, Denel and others.
This included enhancing the governance and integrity of SOEs at all levels, including in the boards, as well as introducing a new ownership model which will limit the possibility of another state capture.
The government was also working on implementing recommendations by the state capture commission.
Some of the work also had to do with focusing on operational improvements and efficiency of SOEs, improving their financial resilience, reinventing their business models and strategies, building a professional and competent staff base and “actively combat corruption and disruption, whether from within SOEs or from counter-revolutionary quarters/criminals outside SOEs”.
“In this latter context, this morning I heard that the Hendrina power station has been subjected to another act of sabotage. Only insiders could have carried out this crime,” Gordhan said.
He said this was one of the factors driving the announcement by Eskom that it would implement load-shedding this weekend starting at 5pm on Friday.