Eskom is broke - Plans to pay huge bonuses to executives

Patrice Gainsbourg
Julho 17, 2017

Brown had the power to stop "the handover of millions of public money to Eskom executives who have utterly failed, and in some cases, are the cause of the dire financial situation at the power utility", DA spokeswoman, Natasha Mazzone said.

Eskom has refuted weekend reports stating that it is facing a cash crisis.

However, it said that, because it was making an official announcement on its finances this coming Wednesday, "Eskom is not in a position to respond comprehensively to the specific issues raised at this stage".

Eskom proposed the following a bonuses of R2.1 million for Molefe, R1.5 million for Koko and R1.9 million for Singh. "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.

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. Only good performance should be rewarded.

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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.

Leaked financial results showed Eskom has only R20-billion left and will be unable to pay November salaries unless it receives a bailout.

Earlier this month, external auditors SizweNtsalubaGobodo reported the power utility to the Independent Regulatory Board of Auditors for apparent irregularities.

On Sunday, the DA called on Public Enterprises Minister Lynne Brown to reject the proposed multi-million rand bonuses for the executives, past and present.

"It is utterly unacceptable for executive bonuses to be paid while ordinary employees may not be paid".

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