'Broke' allegations inaccurate, says Eskom ahead of results announcement

Claudine Rigal
Juillet 17, 2017

"Clearly, Eskom finances are in a shambles".

The power utility's board has reportedly written to Public Enterprises Minister Lynne Brown proposing that Molefe receive a R2,1 million bonus for the eight-month stint he served in the 2016/2017 financial year before his sudden resignation late last year, the Sunday Times reports. "The company is confident that it will maintain sufficient liquidity to support its operations".

Eskom has allegedly tried to "pull a fast one" by belatedly adding a company part-owned by former Eskom CEO Matshela Koko's stepdaughter, Impulse, to the Eskom supplier database, just three days after Koko was put on leave to investigate allegations about huge contracts awarded to Impulse, Business Day reported on Monday.

Eskom's Khulu Phasiwe said: "In relation to his reinstatement, that matter is being challenged in court and so Eskom will take its directive from the court once this matter has been resolved". Only good performance should be rewarded, yet Eskom is clearly intent on doing the opposite...

Furthermore, it noted that it had sufficient government guarantees (amounting to R350bn) to execute its funding plan and had maintained its access to capital markets.

Eskom said it was constrained in replying in full to the newspaper report as it was only due to release its annual financial statements on Wednesday, where it would announce details of its operational and financial performance.

"The fact is that Eskom may not be able to pay salaries to its 49,000 employees come November".

According to the newspaper report, Eskom is in a "precarious financial position" and only has R20bn left. "The true state of Eskom's financial situation is markedly different from the picture of excellence painted by Mr Ben Ngubane when he and the board appeared before the portfolio committee on public enterprises less than two months ago", said DA Shadow Minister of Public Enterprises, Natasha Mazzone.

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