Nazir Alli, chief executive of SANRAL confessed yesterday to the e-toll review panel that the government agency is broke and warned that South Africa will be in trouble if SANRAL is not able to pay back the debt of R20 billion.
“We have no money and road users owe over R2 billion,” said Ali.
“We could have used the budget received over two years, but the roads would have been impossible to maintain. That would have meant we can’t maintain a single millimetre of the road.”
On Wednesday, SANRAL released a statement blaming the review panel for negatively affecting the agency’s final bond auction for the year. “Investor confidence in SANRAL has been negatively impacted by the uncertainty created by the Gauteng government’s decision to set up an e-toll review panel.”
The agency sought to raise at least R500 million, as the next auction was scheduled only for February. “Even though total bids of R765m were received, the prices were much wider than the guidance, and therefore only R415m was allocated.”