Featured

Power utility Eskom is once again making headlines in South Africa. Following recent media reports that Eskom has only got R20 billion in its coffers, the utility publicly responded that it will be able to continue operations and paying salaries.

Eskoms finances make headlines“Eskom refutes the notion that it is facing a cash crisis, and that it has only enough cash to last for the next three months,” it said in a statement. “The company is confident that it will maintain sufficient liquidity to support its operations.”

However, according to statements seen by a Sunday Times journalist, Eskom only has enough money to last approximately three months. In addition, the utility is planning on paying millions in bonuses. Hefty bonuses are expected to be provided to former CEO Brian Molefe and suspended acting Chief Executive Matshela Koko.

The utility’s financial results, which were due to be released last week, were postponed by Eskom, adding to speculation around its financial trouble. However, in its statement, it said that external auditors had confirmed it as “a going concern”. As a result, Eskom said, these reports are inaccurate and misleading. “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‚” the statement added.

Eskom’s denials ring slightly hollow in light of this week’s revelations that Molefe started planning the “feathering of his retirement nest” at least as early as a year before his resignation/ retirement/ retrenchment. The Daily Maverick reports that leaked emails prove that Molefe was employed by the utility for 15 months, but that his pension cost was calculated as if he had worked there for 156 months and had a 10-year historical service record as an Eskom employee.

“Being ‘retrenched’ gave Molefe immediate access to a third of his pension fund, two sources with knowledge of the Eskom Pension and Provident Fund rules pointed out [to the Daily Maverick]. In addition, he had received a “performance bonus” of R97,537.44 and an annual raise, backdated from April 2015, within days of Public Protector Thuli Madonsela publishing her damning State of Capture report.

Molefe has denied any wrongdoing or fraud, stating that he made a “mistake” only in thinking he could take early retirement at 50. In an interview, he said that Eskom and the Provident Fund “also made a mistake”, aiding him in his error.

Image credit: https://www.flickr.com/photos/governmentza/8260862486

Magazines

African Fusion

AfricanFusionAfrican Fusion, the official publication of the Southern African Institute of Welding (SAIW), aims to provide up-to-date insight into welding technology and the welding industry.

Capital Equipment News

Capital Equipment News is dedicated to the application of equipment and modes of transport that are used in the mining, construction, quarrying, and transport industries.

Construction World

ConstructionWorldConstruction World was first published in 1982 and has grown to become a leader in its field, offering a unique mix of editorial coverage to satisfy the diverse needs of its readers.

Electricity + Control

ElectricityandControlE + C publishes innovative, technical articles that provide solutions to engineering challenges in measurement, automation, control, and energy management.

Lighting in Design

LightingandDesignLighting in Design is a glossy, upmarket publication aimed at lighting professionals. It is the only B2B magazine in SA that is dedicated solely to the subject of lighting.

MechChem Africa

MechChemJanuary2017cover MechChem Africa supports African engineering and technical managers across the full spectrum of chemical and mechanical disciplines.

Modern Mining

ModernMiningEstablished in 2005, Modern Mining is one of SA's leading monthly mining magazines, noted for the quality and accuracy of its writing and the breadth of its coverage.

Modern Quarrying

ModernQuarryingModern Quarrying is firmly entrenched as a leading industry-specific magazine. It focuses on promoting the science and practice of quarrying and processing in southern Africa.

Sparks Electrical News

SparksElectricalNewsReadable and informative, Sparks Electrical News is the newspaper for those involved in installing and maintaining electrical supplies and equipment.

 
Full Name*
Invalid Input

Company Name*
Invalid Input

Your Email*
Invalid Input

Phone*
Invalid Input

Postal Address 1*
Invalid Input

Postal Address 2*
Invalid Input

Postal Code*
Invalid Input

Street Address 1
Invalid Input

Street Address 2
Invalid Input

Postal Code
Invalid Input

Town / City*
Invalid Input

Country*
Invalid Input

Magazine

Invalid Input

Invalid Input