Eskom has repaid the R5bn loan — with R30m interest — facility advanced to it in February by the Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC). The funds reflected in their bank accounts on March 1, the organisations said on Monday. Sources told Business Day Eskom had incurred R30m in interest, but neither the power utility nor the PIC would confirm the figure, citing a confidentiality clause in their agreement. The PIC, which manages assets on behalf of the GEPF, agreed in February to advance a R5bn bridging facility to Eskom for one month. The loan was used to fund February operations, and the power utility had approached banks to raise R20bn in liquidity. The PIC advanced the bridging facility shortly after the shake-up of the Eskom board and management, which resul-ted in Jabu Mabuza being appointed chairman and Phakamani Hadebe interim CEO. The Public Service Association was angered by the PIC’s decision to loan money to the power utility,...
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