HOW NOT TO PAY E TOLL !!!!

[Miro Bagrov]

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.

[IanF]

Hi Miro
here is a link to 2013 report
Nice analysis did you see any mention of a profit share? At least the audit report is not qualified.

I will try and look deeper when I have some spare time.

Still no news when this will be implemented.

[Dave S]

Still no news when this will be implemented.

My guess is 28th April 2014...?

[Justloadit]

Ha, just had my brother inform me of this one.

He has no choice but use the toll roads, he must travel round and round the ring road daily while doing his consulting business, and refuses to get an etag or even pay etolls, so you can imagine, his bill is quite hefty.

Anyway while at a client, his cellphone rings, and who do you think was on the other side?
Ha you guessed it, some one from etolls collecting division, so my boet tunes them "How did you get my number? are you aware this is a private number? I did not give you authority to call this number! and please do not call me again!", and hung up.

Whooweee what lengths are they going to go to to get payment?


Hold tight, the lack of payment is beginning to strangle them.