Eskom has rejected allegations that it is left with at least R20 billion in its coffers following a report by the Sunday Times that the power utility still wants to pay bonuses to axed CEO Brian Molefe and suspended acting CEO Matshela Koko.
The Sunday Times said this is apparently contained in the power utility's latest financial statements.
Last week, the power utility postponed the release of its annual financial results, saying it was still meeting with role players.
Deputy Editor at the Financial Mail, Sikhonathi Mantshantsha has more on this story.
R20 billion - Eskom has before said it is a liquidity buffer and it is only enough cash for three months, that is all in their internal documents.— Sikhonathi Mantshantsha, Deputy Editor at the Financial Mail
Go back to December 2014, when they had R20 billion they approached the Minister of Pubic Enterprises and finance and said they needed a cash bailout... they had said they were running out of cash to pay salaries.— Sikhonathi Mantshantsha, Deputy Editor at the Financial Mail
Eskom is however confident that it can pay salaries and says it’s in a better financial situation compared to three years ago.
#Eskom The utility says the reports are inaccurate and misleading. it will reveal full results into its financial standing on Wednesday. MO— EWN Reporter (@ewnreporter) July 16, 2017
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This article first appeared on 702 : Eskom to pay bonuses despite reports financial woes