Every effort should be made to not allow the BRT Rea Vaya transport model to disappear in the face of alleged mismanagement of funds but should be handed over to
the taxi industry to manage it 100% countrywide as the taxi leaders believe and we agree as well.
The failure of governance and oversight at the Rea Vaya company cannot solely be attributed to the level of education and training of taxi operators that served on the boards of the Rea Vaya – as other would want us to believe. It goes beyond that.
The taxi operators had for many years been running their businesses successfully outside the Rea Vaya set up. Therefore, the blame should squarely be placed on the hands of the Pio Trans executive management for its failure to adhere to good corporate governance. There have been numerous reports in the media of alleged and mismanagement of the company funds and lack of accountability within the executive members.
The R150 million figure that is alleged to has been reported to have been missing from the company’s original financial statement’s coffers is no drop in the ocean. This is a big figure owned by the taxpayers of this country. The money could have made a huge difference in the lives and
well-being of original shareholders of the Rea Vaya bus company – taxi operators. It should have alternatively been redirected to grow the company or recapitalize the ailing company as well as busing houses and distributed as dividends to these shareholders
It is the responsibility of the Business Rescue Practitioner (BRP) to trace where the money went or have been used for other than for the company’s purposes. The money should be recovered as a matter of fact and criminal charges be brought against those responsible for this criminal act to pay for their sins.
