Eskom proposes bonuses for Molefe, Koko

Bruno Cirelli
Luglio 17, 2017

The DA publicly called on Brown to reject the request to approve short-term bonuses of R5.5-million for three former and current executives, which formed part of a R13-million payment for top executives R2.1-million for former Eskom CEO Brian Molefe, R1.5-million for suspended acting CEO Matshela Koko, and R1.9-million for CFO Anoj Singh.

Eskom said it could not give more details as it was going to make an official statement about its finances on Wednesday.

Eskom responded by saying the report was "inaccurate and misleading", with auditors having confirmed the company's viability. "The company is confident that it will maintain sufficient liquidity to support its operations".

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".

Eskom also has sufficient government guarantees to execute its funding plan.

The DA has expressed concern over news of Eskom offering extravagant bonuses to executive in the midst of the looming threat of its coffers emptying very soon and has appealed to the Minister of Public Enterprises, Lynne Brown, to halt the payouts. It also had "maintained access to capital markets and raised committed funding".

The problem is, while Eskom wants to pay this huge amount to execs, it may not even be able to pay basic employee salaries by November, according to Sunday Times.

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