Latest news with #R4.6
The South African
5 days ago
- Business
- The South African
Billions allocated to rescue Johannesburg's infrastructure
The City of Johannesburg has committed over R13 billion in multi-year funding to stabilise struggling municipal entities, improve service delivery, and support long-term economic growth. Finance MMC Margaret Arnolds revealed the allocations during the city's 2025/26 budget speech on Wednesday, pledging to move Johannesburg 'from planning to progress.' Johannesburg's municipal entities are under significant strain. Years of underinvestment, ageing infrastructure, and revenue shortfalls have created essential services backlogs. Furthermore, Arnolds said the new budget responds to that challenge, reflecting a 'statement of intent' from the city and its residents. 'This budget was built through public dialogue, regional forums, and sectoral engagements,' she said. 'And in every hall, every meeting, every township, the message was clear: We want a city that works.' City Power, which owes Eskom over R1 billion, will receive R4.6 billion over the next three years. The allocation aims to help stabilise the city's power grid. 'This infrastructure will not only support economic continuity, but also enhance household financial stability,' said Arnolds. In addition, Johannesburg Water will receive the largest allocation, R5.6 billion, to address a R27 billion infrastructure backlog and reduce water losses. 'Through intentionally increasing infrastructure investment, the city will begin to claw back on water losses that eat away at resources that could potentially be available to re-invest in infrastructure for the future,' Arnolds noted. The water utility loses over R2 billion annually due to leaks and illegal connections and is owed nearly R500 million by government departments and state-owned entities. Furthermore, the Johannesburg Roads Agency (JRA) has been allocated R2.8 billion, with R400 million earmarked for expanding stormwater infrastructure in flood-prone areas like Orange Farm and Ivory Park. The goal is to boost urban resilience and improve access between townships and economic hubs. 'These investments are part of the broader spatial transformation agenda, creating inclusive, walkable neighbourhoods and connecting marginalised communities to the city economy,' said Arnolds. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Eyewitness News
6 days ago
- Business
- Eyewitness News
CoJ sets aside R4.6bn to improve electricity infrastructure
JOHANNESBURG - The City of Johannesburg wants to improve its electricity infrastructure to meet growing demand, with R4.6 billion set aside towards achieving this. Finance MMC Margaret Arnolds announced the allocation during her budget speech in council on Wednesday. ALSO READ: CoJ's R200 prepaid electricity surcharge extended for another financial year Although the funds will be allocated over the next three years, the metro is confident they will significantly help resolve its electricity infrastructure issues. Arnolds outlined the additional areas where the R4.6 billion would be directed. "The budget allocates R4.6 billion to City Power over the next three years to fast-track the following four categories: stabilising the grid to prevent collapse, strengthening of the network to improve efficiency, the expansion of the grid to meet growing demand, prevent system collapse due to the ever-growing and changing energy landscape and to ensure revenue enhancement and reduction of technical losses."
IOL News
22-05-2025
- Business
- IOL News
Godongwana injects much-needed boost for frontline healthcare services in public hospitals
Minister of Finance, Enoch Godongwana, tabled the 2025 Budget Speech during the National Assembly plenary at the Cape Town International Convention Centre. Image: Phando Jikelo/ Parliament of SA THE plight of healthcare workers in public hospitals, as highlighted in a letter by a University of Cape Town medical student, was one of the reasons Finance Minister Enoch Godongwana's budget maintains the spending trajectory presented in the main budget on 12 March. Over the medium-term expenditure framework (MTEF) period, the provincial health sector budget will total R845 billion. An additional R20.8b will be allocated over three years to employ 800 post-community service doctors, procure essential goods and services, and reduce accruals that have hindered service delivery. The increase would also help the sector deal with personnel budget pressures that have been growing steadily across provinces, said Godongwana. The Department of Health's total expenditure is expected to rise to R275.5b in 2025/26, R288.5b in 2026/27, and R301.7b in 2027/28. This marks a gradual but consistent increase aimed at restoring both infrastructure and human capacity in the public health system. The overall increase to the health function's baseline is R7b or 0.85%, from R858.8b in the 2024 MTEF to R865.8b in the 2025 MTEF. The bulk of the increase, R4.6 billion, will go to the provincial equitable share to support implementation of the 2025 public sector wage agreement. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ This will ease the salary pressures that have led to understaffing, particularly in rural and high-pressure facilities. In her letter to Godongwana Sarah Stein, a medical student at UCT, detailed the dire conditions healthcare workers face in public hospitals. 'Working in a public hospital with way too few resources punches you in the gut every day. It's not just the trauma of seeing your patient die, it's having no gloves in a delivery room; no alcohol swabs to clean wounds; and knowing that nurses stop at the shop on their way to work to buy their own gloves and masks because the clinic has run out. "Where waiting times for a scan are months long, and surgery delays needlessly let disease progress to the point of being inoperable. It's the limited beds in high care mean that doctors are regularly forced to decide whose life is worth saving because there's only space for one,' Stein wrote. Godongwana said addressing the persistent spending pressures to restore critical frontline services and invest in infrastructure was critical for improving access to basic services and lifting economic prospects. On the future of National Health Insurance (NHI) funding, Godongwana allocated R858m to the NHI indirect grant in 2025/26 and R259 million in 2026/27. Cape Times
The Citizen
15-05-2025
- Business
- The Citizen
Appeal after appeal: Convicted businessman fails to overturn R4.6m theft sentence
The businessman stole money from a company he partly owned and admitted knowing someone else also defrauded it. Gianmarco Lorenzi, a businessman who siphoned millions from his own company, has suffered another blow after his latest appeal was rejected. Lorenzi pleaded guilty and was convicted in November 2022 of 18 counts of theft amounting to R4.6 million, as well as eight counts of forgery. He was sentenced to nine years in prison a month later. The rise and fall of Cleardata Lorenzi founded Cleardata, a Cape Town-based document destruction company, in 2005. In 2009, Metrofile Holdings – a records and information management company – acquired 55% of Cleardata's shares, while Lorenzi retained 45% through a trust. By 2012, Metrofile had increased its stake to 70%, with Lorenzi holding the remaining 30%. ALSO READ: Millions unaccounted for as ex-mine bosses face court over fraud In September 2017, he resigned as managing director after learning that his fraudulent activities had been uncovered. A settlement agreement was reached between Lorenzi and Metrofile concerning the stolen funds. As part of the arrangement, Metrofile fully acquired Cleardata for a nominal amount of R144. Case against Gianmarco Lorenzi Lorenzi was arrested in November 2017 and subsequently charged in late 2020. It emerged during his trial at the Bellville Specialised Commercial Crimes Court that he had stolen R4.6 million between 2014 and 2016. He transferred company funds from Cleardata into his personal account and to service providers who rendered no services to the company. READ MORE: R600K disappears from stokvel's bank account He cited financial strain from running out of money during the construction of a house in 2013 and claimed the remaining funds were used to settle a prolonged divorce. The forgery charges stemmed from Lorenzi's manipulation of invoices and bank statements during the 2017 financial year to cover up the thefts for audit purposes. He argued that he had repaid the money by relinquishing his remaining shares in Cleardata. After a plea agreement with the state, Lorenzi was sentenced to a nine-year prison term in December 2022. Relentless appeals Lorenzi appealed his sentence in February 2023, arguing the Bellville Specialised Commercial Crimes Court had misdirected itself and that a lighter sentence could have been imposed. His application for leave to appeal was denied by the magistrate. He then approached the Western Cape High Court, which dismissed his appeal. A further petition to the high court was also rejected in July 2023. READ MORE: Treasury beefs up security after R377k is stolen from bond investor Lorenzi persisted by petitioning to the Supreme Court of Appeal (SCA) in a bid for special leave to appeal. The SCA dismissed his application in October 2023. The following month, he applied to SCA President, Justice Mahube Molemela, requesting that his appeal be sent back to the appellate court for reconsideration. Molemela granted the referral in March 2024, and the matter was heard a year later in March 2025. SCA delivers blow to Gianmarco Lorenzi This week, SCA Judge Shane Kgoele, with two judges concurring, delivered judgment rejecting Lorenzi's argument that the trial court had misinterpreted the settlement agreement. She said she was of the view that the agreement amounted to yet another criminal offence, as it attempted to shield Lorenzi from criminal prosecution. Kgoele highlighted that Lorenzi failed to report the crime to police and there was no evidence he intended to do so voluntarily. 'The reality is that it is a settlement resolving a civil suit. It did not extinguish the criminal aspect of the offence. 'The trial court could not overlook these undisputed facts. The argument that he made good the loss suffered by entering into a settlement agreement lacks merit. 'This is so because he did not repay the stolen money in cash, and this fact alone cannot salvage Mr Lorenzi's case,' the 13 May judgment reads. READ MORE: Ex-Justice Department employee sentenced for stealing R45k in bail funds The court further criticised Lorenzi for his lack of remorse. 'Mr Lorenzi committed the offences over, not just one, but several years, providing him ample opportunity to end the unlawful and dishonest conduct he knew was criminal.' 'He continued unabated until he was caught. The offences were also carefully planned.' Kgoele also pointed out that Lorenzi admitted knowing someone else had defrauded Cleardata. 'Nevertheless, he was not willing to identify the person, let alone report it. This behaviour does not reflect someone who shows contrition for his actions.' Lorenzi's application for reconsideration was dismissed. Gianmarco Lorenzi's bail appeal In a separate case, Lorenzi once again applied for bail, this time approaching the Western Cape High Court. The court dismissed the appeal application in its August 2024 judgment, citing his dual South African-Italian citizenship and financial means as risk factors for fleeing. The ruling also noted he had received a two-year sentence reduction through special remission. NOW READ: Crypto fraudster sentenced to 10 years in jail — R4.5m in assets seized
