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Vol 62 No 8

Published 15th April 2021

South Africa

The state capturers fight back

Corrupt officials and business allies are running multi-billion dollar rackets in state companies, derailing attempts at reform

The beneficiaries of what could be over 100 billion rand (US$6.8bn) of 'irregular spending' in the country's rickety state-owned companies over the past three years are pushing back against all attempts to rein them in. Preliminary audits of the companies say they have racked up R68bn ($4.6bn) in irregular spending in the 2019/20 financial year.

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