City of Cape Town being strangled by R9.4bn debt
(WorldNews Africa)

Cape Town - Businesses and individuals owe the City of Cape Town more than R9.4 billion which includes R1.3bn for indigent properties where the debt is unlikely to be recovered. The City´s finance directorate sent a report to the finance portfolio committee showing it was owed R7.27bn by households and a further R1.48bn by businesses, with other outstanding debt totalling nearly R597 055. `Although there is a reduction of R587 193 437 and R43 319 951 in residential and business debts respectively; it must be noted that in order to improve revenue collections, the City will continue enforcing payments of outstanding debts through effective debt management actions,` the report stated. `Due to...