A R1.2-billion liquid petroleum gas import and storage terminal whose construction was largely co-financed by the state’s Investment Development Corporation and the Public Investment Corporation has been plagued by financial troubles leaving it unable to service its loans.
Sunrise is not the only company which has approached the PIC to restructure its loan. Independent Media Group owner Iqbal Surve told the M&G that towards the end of the fourth quarter he wrote to the PIC with an offer to settle the group’s R1-billion loan which it has struggled to pay back. In its annual report last year the GEPF reported write-downs of more than R7-billion in investments such as those made to Independent Media, the ruined VBS Mutual Bank and the empowerment deal between retailer Steinhoff and the Lancaster group. These are also subject to investigation by the Mpati commission.
Despite the terminal being operational since 2017, Avedia has yet to connect to Sunrise’s pipeline. The two companies cannot agree on technical drawings for the interconnection and Avedia has complained about the tariff to connect to the pipeline which it said was excessive and prejudicial to its business.
Sunrise has also not been able to submit signed audited financials for the past two years due to its financial constraints. But the IDC which invested R709-million and was involved in initiating the project with Ilitha engineering, said in an email that when it made the funding approval the final project costs were estimated at R950m in February 2015.
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