Eskom Is Broke - Executives to Smile All the Way to the Bank
Eskom Is Broke - Executives to Smile All the Way to the Bank
File Eskom has confirmed that former and current executives including axed CEO Brian Molefe will be paid multi-million rand bonuses
17 Julio, 2017, 22:19
Eskom has refuted weekend reports stating that it is facing a cash crisis.
South Africa's power utility is sitting on its last R20-billion but wants bonuses to be paid to axed CEO Brian Molefe, suspended acting chief executive Matshela Koko and others, Sunday Times reported.
Eskom responded by saying the report was "inaccurate and misleading", with auditors having confirmed the company's viability. "It is important to reiterate that Eskom is not facing any liquidity challenges, and that the company is confident that it will maintain sufficient liquidity to support its operations", it said.
While Eskom's financial position has always been supported by significant reliance on debt and borrowings, its improved overall financial and operational performance over the last two years has led to an improved balance sheet.
The Sunday Times reported that Eskom "has asked Public Enterprises Minister Lynne Brown to approve short-term bonuses totaling R5.5 million for three of its most controversial former and current executives".
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.
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"The fact is that Eskom may not be able to pay salaries to its 49,000 employees come November".
Eskom's spokesperson, Khulu Phasiwe, said that the board had 30 days to "take appropriate steps to mitigate the risks identified, after which the external auditors are then required to ... confirm if the irregularities are continuing or not".
The board's request for R13 million in bonuses for top executives at Eskom has emerged amid allegations that the power utility is broke - less than three years after receiving a R23 billion bailout by former finance minister Nhlanhla Nene.
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Koko has been on special leave since May, pending an investigation into an apparent conflict of interests, while a legal battle continues into the reinstatement and subsequent removal of Molefe.
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