Eskom made property owners instant millionaires

Jamie McKane

MyBroadband Journalist
Staff member
Super Moderator
Joined
Mar 2, 2016
Messages
7,000
Eskom made property owners instant millionaires

Eskom has spent millions of rand on properties in the Eastern Cape coastal town of Thyspunt, turning many landowners in the area into instant multimillionaires.

This is according to an investigation by the City Press, which uncovered that Eskom had been purchasing land at exorbitant prices for the development of a new nuclear power station in the area from 2012 until 2018.
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,796
The City Press investigation found a number of deals which turned property owners into overnight multimillionaires, including one case where a farm was purchased for R87,000 and sold 12 years later for over R12 million, as well as a case where a portion of a farm was sold to Eskom for over R18 million despite being valued at R500,000 by the municipality.
That’s not what “multimillionaire” means...
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,796
https://en.m.wikipedia.org/wiki/Millionaire
Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. It is obviously much easier and less significant to be a millionaire in those currencies, thus a millionaire (in the local currency) in Hong Kong or Taiwan, for example, may be merely averagely wealthy, or perhaps less wealthy than average. A millionaire in Zimbabwe in 2007 could have been extremely poor.[2] Because of this, the United States Dollar (USD) is the most widely used currency standard to compare the wealth of people all over the world. Hence a person must have a net worth of at least one million USD to be recognised as a millionaire anywhere in the world.

It’s the same in most dictionaries too.

Multimillionaire, usually refers to $10m+.
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,796
That is unnecessarily pedantic unless the article was concerned with such matters as estimating the number of millionaires in SA or such.
Not really, the title implies that Eskom has been paying people R150m+ for property, but it turns out they use this terminology for even R12m. They’re off by over an order of magnitude from the given implications of the terminology.
 

Speedster

Honorary Master
Joined
May 2, 2006
Messages
12,374
I've always used the term multimillionaire to refer to anyone with net worth in the multiplesb of millions. Dollar millionaire is used to indicate a standardised currency.

Anyway, we're diverting attention away from the absolute wastefulness of Eskom again.
 
Last edited:

Petec

Expert Member
Joined
Mar 22, 2012
Messages
2,467
"Eskom told the City Press that these prices..."

Nope: "Eskom lied to the City Press, that their cadre enriching manipulated prices..."
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,796
I've always used the term multimillionaire to refer to anyone with net worth in the multiplesb of millions. Dollar millionaire is used to indicate a standardised currency.

Anyway, we're starting attention away from the absolute wastefulness if Eskom again.
Hey, if you guys want to refer to someone with R2m net worth as a multimillionaire, that’s your prerogative, but you’re going to get some pretty confused looks from everyone overseas and most people locally too.
 

PsyWulf

Honorary Master
Joined
Nov 22, 2006
Messages
10,984
Hey, if you guys want to refer to someone with R2m net worth as a multimillionaire, that’s your prerogative, but you’re going to get some pretty confused looks from everyone overseas and most people locally too.
Good for them

So long as they overpaid 20x rather than 200x its fine,as long as we use the correct Term for it:

More-than-millionaire-but-less-than-multimillionaire
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,796
Good for them

So long as they overpaid 20x rather than 200x its fine,as long as we use the correct Term for it:

More-than-millionaire-but-less-than-multimillionaire
The R12m isn’t even millionaire.
 

Kodi

Well-Known Member
Joined
Jan 27, 2021
Messages
330
Expropriation with over compensation. I would pay big money for big stones to participate in a public stoning of corrupt officials.
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,796
Well ****, so my fancy multiplug I bought yesterday with 5 outlets is only a plug because it doesn't have more than 10?
BTW the examples given in the article were more than 10 million.
R10m, not $10m.

Millionaire and multimillionaire have specific meanings. Commonly $10m or sometimes $2m+ (less common, because naming things differing by a factor of 2 doesn’t make a whole lot of sense) for the latter.
 
Top