BHC fails to build houses - report

The Auditor General, Robby Sebopeng, says in December 2009, BHC was advised that government had decided that for a period of three years, its dividends should be converted to construction of affordable housing units."Pursuant to this directive, the dividends that accrued to government over the three-year period had accumulated to an amount of P59,488.000 as at March 31, 2012 without being applied to acquire the housing units," says Sepopeng.

The report says according to the explanation given by BHC Chief Executive Officer (CEO) Reginald Motswaiso to the Statutory Bodies and State Enterprises Committee last September, government had not given direction in terms of locations where these units were required.  Until that is done, the accumulated dividends representing houses would remain a figure in their books. "In the circumstances, the implementation of this decision remains an open question as to how long it will take for it to be achieved," says the report.