Eskom to publish delayed results as funders signal confidence
The power utility has convinced funders it is on course to fix corporate governance, and purge the corrupt in its top ranks
Eskom will on Tuesday publish its delayed interim financial results after convincing funders it is on course to fix corporate governance and purge those accused of corruption in its top ranks. The power utility needed the blessing of its major funders to remain a going concern. A key condition for that was the appointment of a credible board and dismissal of those accused of corruption. Eskom also needed assurances it would receive R20bn to service debt due early in February and in early March, said newly appointed acting CEO Phakamani Hadebe. "We’re comfortable we’ll be able to raise the R20bn by March," said Hadebe. The first R10bn instalment is due early in February. "We have already given the funders our cash-flow prognosis for the next three months," said Hadebe, who declined to name the funders. Business Day understands the largest funders are the South African arm of Barclays Africa, trading locally as Absa, Standard Bank, the Development Bank of Southern Africa and JP Morgan...
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