R5.7bn transfer made to prevent Sanral default, Nzimande says
“Even though the non-payment by Gauteng road users has a severe impact on Sanral’s sustainability, an event of default would have even more dire consequences for the country.
“This would result in Sanral’s full debt of R47-billion becoming due and payable to investors,” Nzimande wrote in response to a Parliamentary question posed by Democratic Alliance MP Chris Hunsinger.
Hunsinger’s question sought an explanation for the Department of Transport transfer, which was outlined in the Medium-Term Budget Policy Statement, released in October.
Nzimande described the transfer as a “reprioritisation exercise”, which was made necessary in light of Sanral’s toll portfolio experiencing financial difficulties.
“Because no additional funding could be sourced from the National Treasury, this was part of a reprioritisation exercise until a permanent solution is generated by government to deal with the e-toll challenge,” he wrote.
Nzimande conceded that any money diverted from the non-toll network to support the toll network, including the controversial Gauteng Freeway Improvement Project, negatively affected road maintenance and improvements elsewhere in the country.
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