SA publishes draft bill to establish holding company for state entities

South Africa has released a draft law that will facilitate the creation of a holding company to house struggling power utility Eskom, rail and port operator Transnet and other state-owned enterprises. The National State Enterprises Bill, which will enable the formation of the State Asset Management SOC, was released for comment on Friday by Public Enterprises Minister Pravin Gordhan.

The move follows years of mismanagement and corruption at state companies that cost South African taxpayers billions of rand. Eskom’s failure to meet electricity demand is has resulted in years of blackouts that have constrained output, while Transnet’s inability to run rail operations at capacity impairs mineral exports. Should the bill pass, the new company will likely be established after the next government takes office after next year’s election.

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Experts highlight gaps in legislation to clamp down on public servants doing business with the stateAs government looks to crack down on public servants doing business with the state, experts believe new legislation does not address employees, who may not be directors of companies receiving tenders, but nonetheless are the ultimate beneficiaries.
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