ON THE WATER
NEELS BLOM: Mystery of why no action is taken against Acsa CEO
It is gratifying to read the report on Public Enterprises Minister Pravin Gordhan’s reasons for the drumming out in disgrace of Seth Radebe as Transnet director. Citizens may be forgiven a degree of schadenfreude. It is, after all, the sort of new-broom action the nation celebrated in advance when President Cyril Ramaphosa and his de facto number-two banana Pravin began their work in 2018; the captured state would be free. But already the commentariat is complaining that Team CR’s vim is barely scratching the surface. Consider the 74.6% state-owned Airports Company SA (Acsa) which, with its monopoly secure, turns a profit. The nation should probably be grateful for a dividend to shore up the state’s feeble fiscus, but that is part of the problem. The existential threat posed to the economy by mismanagement and corruption has focused everyone’s attention on governance at SA’s state-owned enterprises (SOEs). Acsa, however, remains under the radar chiefly because its rent-seeking pays ...
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