NELSON MANDELA BAY - R 2,6 BILLION WASTED..

"Nelson Mandela Bay claims it's credit rating is highest in SA"

GRIM PICTURE OF NELSON MANDELA BAY METRO FINANCES

An audit revealed 'missing' tender files and documents amounting to more than R2.6 billion.

Neslon Mandela Bay. Picture:

Siyabonga Sesant | about a month ago

CAPE TOWN - The Nelson Mandela Bay Municipality says if necessary it will further investigate irregularities exposed in an Auditor-General (AG) report.An audit revealed “missing” tender files and documents amounting to more than R2.6 billion and other damning findings.The metro has confirmed it’s received the report, but says it’s still perusing the lengthy document.According to the AG report R2.6 billion is unaccounted for, R1.3 billion has been mismanaged and a further R146 million has been written off as fruitless and wasteful expenditure.It also notes Nelson Mandela Bay’s troubled R2 billion Bus Rapid Transit system is being investigated by National Treasury.Municipality spokesperson Mthubanzi Mniki says officials are still perusing the report.Mniki says officials found guilty of corruption will be dealt with.(Edited by Masechaba Sefularo)

CAPE TOWN - Billions of rands have gone down the drain in the Nelson Mandela Bay Municipality in the Eastern Cape.The Auditor-General last week released a damning report into the finances of the troubled municipality where, in some cases, officials are unable to account for millions of taxpayers’ money.It highlights R1,3 billion in irregular expenditure in the 2014/15 financial year.Fruitless and wasteful expenditure amounted to R146 million.The Auditor-General also noted dozens of missing tender files and documents amounting to deals worth R2,6 billion.Opposition parties have cautioned the metro is on the brink of bankruptcy due to the apparent lack of financial controls.National Treasury is also probing the ill-fated Integrated Public Transport System (IPTS), a R2-billion bus project that was meant to have been operational since 2010.The municipality has denied it was considering selling the buses, which have been deemed too big for the narrow bus lanes.Automotive engineer Pierre Joubert has also alleged the buses’ doors are on the wrong side for some stops.Numerous attempts to get comment from metro officials have been unsuccessful.
(Edited by Shimoney Regter)

NELSON MANDELA BAY CLAIMS ITS CREDIT RATING IS HIGHEST IN SA

The Auditor-General highlighted widespread wasteful expenditure & a lack of financial controls.

|CAPE TOWN – The Nelson Mandela Bay Municipality claims its credit rating is the highest of all metros in the country.

This is despite the Auditor-General finding that more than a billion rand was wasted or irregularly spent in the 2014/15 financial year.
In a statement, the municipality said its finances were finely combed by international credit rating agency, Moody’s.
It claims Moody’s gave it a sterling credit rating, surpassing all metros, including the cities of Cape Town and Johannesburg.

But the rating contrasts an Auditor-General’s report, which highlights widespread wasteful expenditure and a lack of financial controls.

It’s also alleged the municipality can’t account for more than R2 billion.

(Edited by Leeto M Khoza)