News24 | Broke KZN municipality had only R12m in the bank at the end of June while owing R541m
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The IFP-led Newcastle Local Municipality is in financial crisis: It only had R12 million left in its coffers at the end of June; it defaulted on commitments to repay a R42 million Eskom debt; and there are questions on whether it has paid its debt to the taxman.
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