Here is the evidence:
Firstly:
Will SANRAL go bankrupt if no one pays? - Well the Auditor General THINKS SO in 2011!
He makes this note in the auditors report..
Next:
Does SANRAL make use of direct foreign investment? - YES, they say so themselves.
2008 - Sanral announces in it's reports that it has found direct foreign investment
Keep in mind that they are not required to disclose the identity of investors to who they owe money. They are only required to disclose the total amounts and the interest rates.
So from their financials, we will never know 'WHO BOUGHT THE BONDS". However, we can definitely see HOW MUCH they pay for them, and the CHANGE in total borrowings.
Let's look at the change in Long-Term Borrowings:
2008 Non-Current Liabilities R12 568 932 000 2011 Non-Current Liabilities R27 871 031 000 Increase over 3 years R15 302 099 000
R15 302 099 000 is the amount of debt they piled up over 3 short years 2008 - 2011.
They are sitting with a European Bank Loan @ 8.62%
If there are huge investments, how much return on investment do they have to pay? - Answer - around 11%, according to their own financial statements.
Here is a breakdown of the returns on investment that they have to pay (2011):
Source:
http://www.nra.co.za/live/content.php?Item_ID=205
(Interesting to note that the 2012 file is corrupt, and 2013 is not available. It will be interesting to see what mess has been going on in those years.)
Our government is slowly descending into Hell - Driven by deficit, debt, foreign investment and corruption.
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