In June 2016, SFF (an SOE) expressed and advanced interests to buy 75% stake sold by Chevron SA, but DoE minister Tina Joemat-Peterson called the deal off and said it did not make sense and labelled SFF as having no understanding of business.
In March 2017, Sinopec confirms that it will pay R12.62 billion for a 75% stake in Chevron Corporation’s South African assets and its subsidiary in Botswana. That includes a 1 million a day barrel refinery plant in Cape Town and 845 Caltex fuel service stations with 220 convenience stores.
In May 2018, Glencore is close to the same R12.62 billion 75% stake deal at Chevron which was called off by DoE when the SFF showed interest. Futhermore, when Ramaphosa became president, the Sinopec deal stalled in favor of Glencore.
Let’s summarize and wrap it up…
Glencore is owned by billionaire Ivan Glasenberg, who is Cyril Ramaphosa’s former business partner and handler. Now do you remember the Gupta-Optimum Mine-Glencore war, does it make sense??
How did the Sinopec deal stall??
It stalled after a “black-investor group supported by Glencore backed off. This “black owned investor group” is known as OTS at 94 Jan Smuts Avenue, Saxonworld, Gauteng with its directors listed as Jack Roswald, Jim Taylor and Sam Ronald. Are they black??
How is Glencore closing off the Chevron deal?
The PIC which invests the pensions of civil servants will partner with Glencore and emerge as a 50% partner. Yes, R6.3 billion of your pensions will enrich Ivan Glasenberg, yes Ramaphosa will help his friend to own 845 Caltex fuel service stations. And with the rise of the fuel prices, they will be reaping profits at your expense and sweat.
White media’s desperate plot to crucify Dudu Myeni exposed
As a political journalist I’m often asked if the 40 white journalists who were paid by the apartheid government to destroy Winnie Mandela are still operational; my immediate answer is Yes! and even worse they’re not only 40 and not all white. The Stratcom project to discredit black leaders who stand against white dominance has been extended to Dudu Myeni and Brian Molefe. I know because on two occasions I applied for a job at a white owned newspaper, having worked for The New Age newspaper they offered me an interview. In the interview the editor asked me if I thought Dudu Myeni’s appointment as chairperson of South African Airways was right since she was also the chairperdson of Jacob Zuma Foundation was right; since I didn’t understand what the question had to do with content of the interview, I responded: “If she qualifies for the position why not?”
I didn’t know at the time that in order to work for The Daily Maverick I had to take a particular political stance against then President Jacob Zuma and by implication, Dudu Myeni.
Yesterday I read an article from the same media house, discrediting Dudu Myeni and her tenure at SAA, even going as far as to accuse her of corruption. What newspaper readers don’t know is that we journalists share notes and contacts on WhatsApp groups. We write what we write because it suits our editorial policy and pleases our advertisers, It doesn’t ever pass the test of fact and integrity. We don’t necessarily believe the news we publish, but what the editor wants; the editor gets.
Today, Thursday June 28th, in one of my reporters WhatsApp groups, a journalist employed by the Mail and Guardian asked if anyone had pictures of Dudu Myeni’s house in Richards Bay. So this is how it works: If a reporter of a publication that hits the shelves on Friday morning asks for pictures of a prominent persons home on Thursday morning you can believe a story concerning that individual is in the press.
As a good journalist I then called Dudu Myeni to find out if she had news she wanted to break, promising to give her side of the story prominence. She said she was busy and couldn’t talk but said she had no story to share. I got the sence that she was aware a story her was being “manufactured” about her.
I went to the group chat and asked the reporter if we could share the angles of the story(which is common when we’re thin on news) and he replied “I’m trying for a front page chief, Khadija’s on my case”.
That means he was going to write anything, without evidence or a reply from Myeni, simply to make the cover story.
That is the pitiful story of a black journo in a white media agency.
I can’t begin to explain how many careers, futures, marriages, have been destroyed from my keyboard. But what were the options for a young black writer in this racist white dominated industry?
Sunday Independent editor Steve Motale apologised to President Jacob Zuma for being used by his masters against him.
One day some of us will have to apologise to Dudu Myeni.
I can already think what the next Mail and Guardian edition will entail. 80% of it will be speculation and allegation and another black leader will die the Stratcom kind of death.
(Hloni holds an honours degree in Political Science and Communication from the University of Free State and writes for Afro voice, previously known as The New Age)
TODAY MARKS A SAD DAY FOR FREEDOM OF SPEECH AND FOR TRUTH AND INTEGRITY IN THE MEDIA IN SOUTH AFRICA.
WE BID FAREWELL TO A PUBLICATION THAT WAS BOLD ENOUGH TO GO AGAINST THE ESTABLISHMENT.
Thank you “The New Age” for proving that its possible to provide unbiased media reports and that stories that are told can be vetted and published without having to tell lies.
Thank you “AfroVoice” for picking up the reigns and continuing to fight the good fight. Its unfortunate that in this case the Sword proved mightier than the pen. None the less you have shown SA and the world that news can still be told in a manner that values truth and integrity.
AfroVoice newspaper which is formerly The New Age is being shutdown with immediate effect.
Here is a quote from a highly respected anonymous source regarding the shut down of the newspaper and it articulates what we all should be feeling about this very sad turn of events.
“Every time a newspaper closes I mourn diversity in the news and freedom of speech. Today is the last edition of the TNA. Its defense of the ANC led government was a bridge too far to cross for its new owners and advertising in SA. It became a vendetta against a family instead of seen as a tool to dispense unmitigated news. The establishment wins again, and news monopoly will remain until we find people with courage to stay the course.”
I personally feel very sad and see this as a resounding warning for FREEDOM OF SPEECH which is not free at all and all the remaining publications need to heed the warning because when they are no longer towing the party line they will most likely suffer the same fate.
“UNMASKING HARITH AND LEBASHE’S ALLEGED FLEECING OF THE PUBLIC INVESTMENT CORPORATION
1. I refer to the United Democratic Movement’s (UDM) previous two letters addressed to you and dated 31 May and 8 June 2018 regarding possible corruption at the Public Investment Corporation (PIC) that potentially could make the Gupta Family’s alleged capture of state look like chump change.”
This post is long but I can assure you as the reader you will find the post worth reading.
The South African media consistently refer to an amount of R38.6bn when publishing articles related to the 1064 locomotive transaction. This is the amount contained in the Transnet business case which was used to obtain the green light internally to proceed with the acquisition of the 1064 locomotives.
The media continuously imply that there is little to no justification for the increase in the cost of the 1064 locomotive acquisition from R38.6bn to R54bn. Taking the information in Part 1 of this post and applying some common sense and rudimentary mathematics it becomes apparent how the facts have been skewed by the Media to meet an agenda only they know.
Purpose of this document
The purpose of this document is to critically evaluate the assumptions used to derive the R38.6bn contained in the Transnet business case model (“the model”).
Where the assumptions used are deemed to be unreasonable, updated assumptions will be used and the resulting cost of the 1064 will be included in this document.
The end result will be compared to the R54bn quoted in the media as being the revised acquisition cost for the 1064 locomotives.
Overview of the business case model
The business case model is a comprehensive model that addresses the following key areas:
• Incremental revenue generated by the acquisition of the locomotives.
• Capital expenditure related to the 1064 locomotives.
• Maintenance costs as well as the associated costs saved by replacing the ageing fleet.
• Fuel and electricity costs as well as the associated costs saved by replacing the ageing fleet, and
• Associated incremental tax expense and wear and tear allowances.
The only area of relevance to this document is the capital expenditure and as such no further consideration has been given to the other areas listed above.
Assumptions used Foreign exchange rates (“Forex rates”)
The forex rates used in the model may have been reasonable at the time it was developed, retrospectively however the appear to be very conservative as can be seen in the graph below.
The original delivery schedule as contained in the original model is significantly different to the actual deliveries being made to Transnet. The table below sets out the various delivery schedules assumed in the updated model. Transnet had only taken delivery of 35 diesel and 54 electric locomotives as at 31 March 2016 and this has been taken into account in the two revised delivery schedules.
The base price per locomotive in the model were sourced from “Expert Interviews”. The parameters used to derive these prices are not described.
These parameters include the following, amongst others:
• The number of locomotives per OEM as this will affect the capex amount recovered per locomotive as well as the level of economies of scale that would be achieved,
• The contracting currency as this will determine how the OEMs will hedge their foreign currency exposure (if any) which will form part of the price, and
• The localisation content requirement as this will impact the currency structure of the OEMs’ manufacturing cost which will affect the pricing.
Although the reasonability of the base price per locomotive is uncertain it remains unchanged in all three scenarios.
The resulting cash flows under each scenario are shown below:
By updating the foreign exchange rates as well as delivery schedules to reflect actual historical data for the time elapsed, the acquisition cost of the 1064 transaction is between R55.6bn and R57.0bn. As such the R54bn being quoted in the media as the acquisition cost can be seen as reasonable
There have been numerous articles that have been written about this transaction and a slue of allegations about corruption have been made regarding this huge Capital Expenditure Project aimed at improving the infrastructure of TRANSNET for the immediate and future requirements of the State-Owned Enterprise.
My methodology with respect to this post is simple, make all the material that I have used public so that my synopsis can be read with an impartial eye as the source documents for the synopsis are being made available to the readers.
This is revolutionary with respects to how South African media would approach this subject and have approached this subject.
My synopsis of the deal is derived from the documents which I have linked below and its through these documents that I have read and studied, I have drawn my information and conclusions from. Shocking that I would do this but because transparency is required for people make an informed decision based on facts and figures and not just conjecture.
Its my intention here to show that the facts are vastly different from the fiction that has been published in the Media since this transaction Transnet 1064 gained traction in the media.
All the conclusions I have drawn in this series are my own and based on the documentation that I have acquired through trolling the internet and searching public records for the information. Readers are welcome to disagree with my conclusions and I urge readers to do so based on the facts rather than the fiction.
DOWNLOADABLE & ONLINE VIEWABLE DROPBOX LINKS TO MY RESEARCH DOCUMENTATION:
When clicking the links using Google Chrome or Microsoft Edge Browser from your phone or computer you do not need to have a Dropbox account please click on the “continue to website” link at the bottom of the page to access the file.
I will be adding to this list as I have unconfirmed information about other responses to this report that I still need to finish verifying. The verification is important because if I am stating facts then its incumbent upon me to ensure that my source documents are verified and factual.
Please follow this series as the next blog will be my written synopsis of the information contained in the links above as well articles that have been published on this subject of the TRANSNET 1064 transaction.
City Press released another article today based on a leaked report by Werkmans Attorney and MNS.
In this article a call is made for charges to be laid against people associated with the Gupta Family and Brian Molefe.
Though many articles do exist on the internet which can be easily accessed with a simple search this article seems to encompass what many of the articles before it has been reporting.
As per usual I find the article to be completely biased and has no impartial view contained in it at all. Once again there is a lot of supposition made and no concrete indication of the facts from either the Journalist or the source of his article.
We will have to wait and see what happens I suppose. Luckily though I found, and Interview done with Brian Molefe in preparation for the release of this article and I find what he had to say very interesting indeed.
Here is a link the Article that was published by the City Press if you have not read it yet:
The Article is titled: Transnet Must ‘lay criminal charges against Molefe’, other Gupta Generals – damning report
I must admit I am feeling the fatigue of reading all the un-substantiated claims that are being made. I with very little effort find holes in the stories that are being published and I ask myself how journalists justify the printing of information for public consumption that is really one sided totally biased and acting with an impunity that they come across as Judge, Jury and Executioner.
The flagrant disregard for placing facts on the table and presenting the information that they claim their information is derived from seems to be lost somewhere because where are the facts. I want to know where the information is coming from is the source of this information qualified and have both sides of the story been heard.
If both sides have been heard, then why does the information seem biased and why is it written with the premise that guilt is the only option.
Here is an Article Published 15th of June 2018 which if you have not read yet here is the link for you to do so. I am referencing this article but it’s one of many that can be found with a similar vain of information.
The “Arms Deal” that Jacob Zuma is being accused of having involvement in corrupt activities has been the focus of getting the president into court and to stand accused of unproven allegations leveled against him.
As I have trolled through the internet I have found some interesting information that casts a huge shadow of doubt on whether Jacob Zuma is actually guilty of any wrong doing in regard to the Defense Procurement transaction.
I call it “The Defense Procurement transaction” because there was no such thing as an “Arms Deal”.
Please view this clip of Pravin Gordhan being asked if he has any information of Former President Jacob Zuma’s guilt in the Defense Procurement Transaction.
Please view this video clip of Former President Thabo Mbeki casting the doubt and stating that Former President Jacob Zuma is actually innocent.
It is now up to you make a informed decision about this matter because as far as I am concerned Former President Jacob Zuma is innocent because sufficient doubt exists of his guilt as per the interview above.