State-owned roads operator Sanral in November 2022 awarded one of its largest recent contracts to a local construction firm and a Chinese conglomerate. But the winning bidders’ financials look deeply worrying, bid documents reveal.
Daily Maverick
Cruise said he was even more worried over the fact that Mecsa failed to submit financial statements for the 2020 and 2021 financial years. We asked Mecsa’s Nonkonyana for copies of the latest financial statements, but those were not provided to us at the time of writing.Mecsa’s JV partner, China’s state-owned CCCC, did submit statements for the 2019, 2020 and 2021 financial years.
According to the DBSA report, the CCCC on average waited 207 days, or roughly seven months, to get its invoices settled by debtors.
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