Economics
Management Vacuum Hobbles South Africa’s State Companies
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Rudderless and cash-strapped.
That’s the state of South Africa’s biggest state-owned enterprises, known as SOEs, after the government failed to heed warnings from its advisers about a lack of leadership, oversight and strategic vision. The companies supply about 95 percent of electricity to Africa’s most-industrialized economy, run railways and ports and operate the national airline and postal services.