South Africa: Where Has All the Money Gone

South Africa: Where Has All the Money Gone

The African National congress (ANC) ruling party of South Africa, has financial woes as all the money is gone. The possibility of retrenching staff members is highlighted and can be a reality in the near future. Staff has not received salaries for two months as the party suffers from money problems.

The Secretary General Gwede Mantashe admitted this week that there were problems and the ANC party was in dire need of money to meet all obligations. One of the reasons cited for the decrease in cash, flow was the loss of 16 parliamentary seats in the past May 2014 general elections.

Angry staff working for the ruling party demanded salary increases and Mantashe stated that there was no money for increases or bonuses but the party would consider options when matters improved. Mantashe told staff members to be patient during this terrible time.

Raising funds from private investors had declined, and the ANC party has been threatened with liquidation from angry suppliers. Millions of rands that are owed for services rendered to the ruling party, remain unpaid to service providers.

The revelation of the ANC financial woes came from members who preferred to remain anonymous. During a heated meeting at Luthuli House, Mantashe said the staff members about the financial woes. The staff members were told that if they were not happy with the situation they were welcome to go and find alternative work. Staff members are demoralized and insisted that no increases or bonuses were paid over the past three years. The news of wanting to retrench staff members was received with hostility. Mantashe denied reports that the ANC were planning staff retrenchments.

New article on the Guardian LV -
Read more at http://guardianlv.com/2014/10/south-africa-where-has-all-the-money-gone/#M1ZwW5MRg6jysg1F.99


My thoughts, the thieving, corrupt, criminal elements of the ANC  have taken it all.  Greed is a sin.......