Planning to fail: Having pocketed millions, if not billions, by plundering Eskom in all sorts of ways through a variety of tender companies and who knows what else, it seems Cyril and The ANC have finally realised the Medupi & Kusile projects have bled dry, and are now looking for new ways to employ (steal) taxpayers money, to continue bleeding them dry… yet another new huge expensive project with new tenders, contracts, bribes & kickbacks. It is the same all over South Africa, build a new school, extort tenders, contracts, bribes & kickbacks. Then burn it down and steal more from the taxpayer by building another school with more tenders, contracts, bribes and kickbacks. The African Way.
It is incredible that Ramaphosa now says that the much vaunted Medupi and Kusile Power Stations, with an ultimate costs as high as R451 BILLION are unreliable! This after the ANC’s investment arm, Chancellor House, made up to R150 Million profit from the projects as it had a share in the tender for the construction of these two failing power plants!
There you have it. President Cyril “Father Christmas Ramaphosa” (remember how he gave amnesty to prisoners in December), told residents of the Roodepan neighbourhood in Kimberly on Thursday, that South Africa has mostly old power stations (built by apartheid no less), which are allegedly unreliable (because the concept of maintenance was only very recently discovered by the ANC managed Eskom, despite ample warnings, but Ramaphosa did not say that). But even more incredibly than that, Ramaphosa said that the 2 new power stations – which are so new that all the generating units are not in use yet – are also unreliable.
Ramaphosa claimed that: “as soon as we think that everything will work properly, it switches off or the conveyor belt gives in“. Ramaphosa was in the area before the ANC’s birthday celebrations this weekend. Yes, yet another party – The African Way.
Meanwhile, a blame game is raging as deputy President David Mabuza says that President Ramaphosa was misled by Minister Pravin Gordhan and the Eskom board over the load shedding issue, by not informing him that load shedding will strike so soon in the new year. But a spokesperson for Ramaphosa says the President was not misled, as it was unplanned load shedding according to Netwerk24.
This is indicative of a party in full denial of what they have caused which is the full destruction of a once world class electricity producer like Eskom (when it was under white management). It has done so through their BEE policies, cadre deployment and industrial scale looting under ANC’s watch, with their cadres being the lead looters. The African Way means “It is my turn to feast at the table and to hell with the consequences“.
The R163.2 BILLION estimated costs for Medupi and Kusile has more than doubled and ballooned to a staggering R451 Billion, if you include the cost of interest during construction, and fitting the plants with equipment needed to meet environmental standards, reported Paul Burkhardt and Michael Cohen for Bloomberg and published on Fin24.
Despite being new, Medupi has only 40% reliability,
The ANC had a direct stake in the building of Medupi and Kusile as their investment firm called Chancellor House had a stake in Hitachi Power Africa which had the tender for constructing the boilers at Medupi and Kusile. The ANC sold its stake in Hitachi Power Africa shortly after the tender was awarded, making a 5,000 % profit, it was widely reported in the media at the time. Insider Trading anyone?
This was just the profit on the share price. Investigative journalist team amaBhungane reported at the time that the profit for Chancellor House flowing out of the tender itself, and therefore benefiting the ANC, would be as high as R113 million. It was also reported that Hitachi Power Africa made a mess with the welding to the boilers for these 2 power stations, and that it had to be done over and that this would likely affect the life expectancy of the boilers which is the very heart of the power station and indeed the very heart of the nation…