South Africa Struggles With $7bn Corruption Scandal - Report

South Africa is grappling with a whooping sum of $7bn corruption scandal involving six state-owned companies, a report by the Special Investigative Unit (SIU) has revealed.

The SIU’s investigation, which began in 2018, has uncovered widespread corruption, conflict of interest, and suspicious contracts at Transnet, Denel, Eskom, the National Lotteries Commission, South African Airways, and PRASA.

According to the report, Transnet alone is under investigation for nearly $4 billion in public money, involving 60 suspicious contracts and hundreds of cases of conflict of interest.

Another 40 ongoing investigations into alleged corruption at various state-run businesses and government departments are worth billions more dollars.

According to the report, “The culture of graft permeated through all levels of government, in South Africa for the last 15years.

The allegations of widespread corruption during former President Jacob Zuma’s administration led to a judicial inquiry, which implicated numerous government officials and executives at state-run businesses.

However, hardly any of those implicated have faced criminal charges.

Current President Cyril Ramaphosa has pledged to clean up his party and government, but anti-corruption experts doubt much of the money will be recovered.

“The SIU’s work reveals some of the scale of South Africa’s corruption problem over the last 15 years,” said the report. It’s a devastating impact on South Africa’s economy.”