Gordhan has warned that state-owned enterprises (SOE) must be managed properly as mistakes in these companies could result in billions of rands to be paid in guarantees to which government has already committed. Speaking at a business breakfast hosted by technology firm EOH and 702‚ Gordhan said the current global economic climate required government‚ business‚ civil society and labour to do things differently in order to fight unemployment and inequality.One area‚ on the part of the state‚ which needed immediate attention was the amount of guarantees that the state has put on the table to help a number of its companies to secure funding in the market.“Similarly there are concerns raised about state-owned enterprises. There is a whole process headed by the deputy president which is looking in this area both in governance terms and financial management of these entities‚” Gordhan said.“State-owned entities have guarantees to the tune of over half-a-trillion rand. The key concerns that ratings agencies and others would have is that as a result of mismanagement... the state has to find the money to pay up.“Eskom has‚ for example some R320-billion to R350-billion in guarantees‚ and just over R200-billion is currently utilised. Imagine if something goes wrong there - that means the responsibility falls on the state ultimately. These are the challenges that we face‚” he said.In South Africa‚ there are no fewer than 717 SOEs with total assets of R1-trillion‚ or 27% of gross domestic product (GDP)‚ and government investment amounts to more than 30% of the country's total investment.National Treasury has been forced to aid these entities as they failed to generate their own revenue for sustainability and are poorly run.This month‚ SAA made headlines when Business Day reported that the state airline appointed the unkown “boutique financier” BnP capital to advise it on the restructuring of its R15-billion debt and raise funding in return for a R250-million success fee.Johannesburg-based BnP Capital was first appointed as a transaction adviser in March ahead of several other bidders‚ including Nedbank and Deloitte.The arrangement would have seen BnP Capital score a success fee of 1.5% of funds sourced plus VAT calculated to be R256-million.According to the Business Day‚ five board members voted in favour of approving the contract. The contract has since been cancelled but Gordhan has already said that the company needs a new board and Treasury will look into this controversial contract. ..