Mismanagement of NMB real estate assets costs city millions

Invalid lease agreements signal poor management of municipality’s real estate assets, resulting in resulting in millions of rand in lost revenue

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In the process of trying to clean up what it has termed “inefficiencies” in its real estate division, the Nelson Mandela Bay municipality has discovered that only 228 of its more than 2,000 leases are valid.

This means the city is losing millions of rand in potential revenue every year...

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