DA calls on Minister Brown to reject bonus request for Eskom executives

Remigio Civitarese
Luglio 17, 2017

"Due to limitations around disclosing financial information before the official announcement, which is scheduled for Wednesday 19 July 2017, Eskom is not in a position to respond comprehensively to the specific issues raised at this stage".

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 has also reportedly sought out bonus payments amounting to R1,5 million for Koko, who is now on suspension and faces a disciplinary this week for the alleged conflict of interest arising from failing to disclose his stepdaughter's shareholding in a company that Eskom awarded R1,5 billion worth of tenders. "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. The power utility reportedly said: "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". Only good performance should be rewarded, yet Eskom is clearly intent on doing the opposite... It also had "maintained access to capital markets and raised committed funding".

The Sunday Times has reported that the power utility is in dire straits financially.

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.

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.

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

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