Sanral has suffered a R180 million loss in projected e-toll income since Gauteng premier David Makhura, first called for a review of the system via a panel, in June.<\/p>\n
This is according to the Sunday Times, citing Sanral’s CEO Nazir Alli, who continued to justify the system to the panel this past week.<\/p>\n
Within Sanral’s written submission to the panel, it confirmed that its total income from e-tolls between July and October was R365 million. The group had projected income of R545 million.<\/p>\n
The road agency had reported December-to-June income of R725 million, which it said was ahead of its R590 million projections, according to the Times.<\/p>\n
Sanral collected its highest monthly revenue of R120 million between May and June. However, since July, those numbers have been on the decline, to a lowly R65 million, collected in October.<\/p>\n
Sanral chief financial officer Inge Mulder said that \u201cexternal\u201d forces were to blame for noncompliance. However, the finance head stressed that this had not affected the road agency’s ability to service a R20 billion loan it secured to upgrade the Gauteng freeways.<\/p>\n
South Africa would be in \u2018serious trouble\u2019 if the existing e-tolling debt was not settled, Sanral told the e-toll review panel on Wednesday.<\/p>\n
\u201cThere is no new money,\u201d said Alli. He said that currently the agency had no funds to settle the existing bill.<\/p>\n
\u201cThere is no subsidy on the tolls. If we default, South Africa will be in serious trouble,\u201d he told the panel.<\/p>\n
The 12-member review panel, for which a R10 million budget has been set aside, is set to deliver its finding at the end of the month.<\/p>\n
Sanral bond auction hit by e-toll uncertainty<\/strong><\/a><\/p>\n We have no money: Sanral<\/strong><\/a><\/p>\n E-tolls cost 25 cents for every R100 earned<\/strong><\/a><\/p>\n