The KwaZulu-Natal Growth Fund has lost more than R500 million after several projects in which the provincial development finance institution invested collapsed.
The details of how the KZNGF lost some R 500 million after"recklessly" investing in unsustainable projects are contained in an explosive forensic investigation carried out by the KwaZulu-Natal Department of Economic Development, Tourism and Environmental Affairs . The Growth Fund was founded and is funded by the EDTEA.
In 2019 former EDTEA MEC Nomusa Dube-Ncube commissioned the investigation into the fund following allegations that it had lost more than R200 million in a corruption-riddled deal to set up a pot and cookware manufacturing plant at the Dube Trade Port in KwaZulu-Natal.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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Mthigo_ vercingetorics Hmmmmm IFPinParliament
Island_Tribe17 vercingetorics I actually thought it was a billion already. KZN is controlled by greedy politicians working with mafias who want to run the province for their own benefit. KZN will collapse followed by the whole Country if they don't scrap the tender system.
1Wayno vercingetorics Ja ne! 😨🙈🙈🙈
vercingetorics More like has stolen R500 million........
vercingetorics ANC logic: All farmers are rich. Buy a farm and get rich.
vercingetorics RET looters .
vercingetorics This is honestly so sad. Imagine how that money could've actually benefited the province.
vercingetorics they should blame it on foreigner's lol
vercingetorics lost no, mismanaged yes!
vercingetorics ANC
vercingetorics I smell a 🐀
vercingetorics Why use her picture and not that of Sihle because she just got the position less than 4 months ago
vercingetorics These naais have a knack for losing cash
vercingetorics Yep that's them ANC Kzn........ NOTHING BUT CORRUPTION
vercingetorics They should remove the word Growth..
vercingetorics Daah.. the projects were not meant to thrive.. 🤷🏾♂️
vercingetorics Government should refrain from projects of this nature. They don't have the expertise and there is always an ulterior motive of some cretin to get rich at the expense of the project. R500m could have built a lot of infrastructure by the private sector, for real service delivery.
vercingetorics Lost lost or scammed
vercingetorics It was collapsed
vercingetorics Another Vrede
vercingetorics L O O T E D 📌
vercingetorics More money the ANC has stolen.
vercingetorics Daai zoeloes is groot skêlms....
KwazaUnathi vercingetorics idjits. easy come easy go
vercingetorics ... any one surprised...
vercingetorics Unbelievable
vercingetorics I have a functioning factory that I want to sell Only cadres please
vercingetorics Glory to the Republic!
vercingetorics What a headline
vercingetorics At least the amapiano singing mayor's career is expanding so it's not all bad
vercingetorics FOLLOW THE MONIES WILL LEAD TO THE THIEFS
vercingetorics i smell a rat ....
vercingetorics WHY are We have and pay salaries of the so-called Law Enforcement Agencies(if they exist and not a scam)?
vercingetorics Zulus destroy everything yeerrrr
vercingetorics Must we say more.....failed state ,unless leaders ,no ideas only cheap talk to bluff poor people .
vercingetorics “Collapse” is myanc language for “looted”.
vercingetorics What did we expect? I'm surprised this is news
vercingetorics These projects don't collapse, know several in Mpumalanga where millions have been paid to individuals and there's nothing to show for it, in the Sports, Arts and Culture department. They have R80 million to pump into that non-existent project this year waiting to be spent,
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vercingetorics Should just say fund started with 500 million, now 500 million stolen.
vercingetorics Die fokken kriminele moet tronk toe! Ons moet ophou dit aanvaar as n verskoning!!!!
vercingetorics Probably yet another money laundering exercise to be added to the existing pile. Starring obscene PIGS with muddied snouts who, this time, 'ventured' into sheep-farming to fleece the coffers. These swines will stop at nothing... May they rot in jail...
deon_avenant12 vercingetorics Didn’t collapse.. there were never projects.. it was just a front for looting.
vercingetorics You could not another face or anything else. It has to be an African person.
vercingetorics Another black face at the forefront of corruption, you are really a propaganda machine
vercingetorics Bloody thieves
vercingetorics No one should be at all surprised. This really isn’t news anymore - it’s habit.
vercingetorics Everything touched by ANC 🙆♂️🙆♂️
vercingetorics What's new?
ScholtzSusan vercingetorics Black Excellance…..
vercingetorics NOTHING THAT THE ANC IS IN CHARGE OF IS A SUCCESS. 96% OF ALL ANC LED PROJECTS ARE A TOTAL FAILURE. THESE CRIMINALS ONLY INTERESTED IN ENRICHING THEMSELVES.
vercingetorics That because they have decided against endorsing Ramaphosa on his selfish second term. If they can change and support Ramaphosa there won't be such reports
ScholtzSusan vercingetorics Another one.
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vercingetorics The irony in the headline ....😭😭
vercingetorics KZN is a mess.
vercingetorics A sign of the times! Nothing comes of anything a black poes hand touches! In their nature to steal and break!
vercingetorics This was just a money laundering scheme
vercingetorics Lost? Wasnt lost. Was stolen. VoetsekANC We hate your guts ANC!
vercingetorics Keyword here is “Kwazulu Natal”…. Of course it’s a failure!
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