SA firm set for Pula Steel takeover
Friday, September 13, 2019
Pula steel
The Verma family, who founded Pula Steel in 2015 and held 22% equity at its liquidation in October 2017, recently dropped their long running fight to regain control of the Selebi-Phikwe plant.
During the battle, the Vermas alleged they had been muscled out of Pula Steel by a conspiracy involving other shareholders and senior government officials.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...