Six months ago, President Cyril Ramaphosa said SA's indebted power utility would be split in three, it would get new leadership and its debt wouldn’t become a burden on the nation’s finances.

Instead, an initial bailout has been increased by R59bn, no plan has been announced to restructure the overstaffed company and the finance minister says government borrowing will surge and taxes may rise. The government has yet to appoint a new CEO and a chief restructuring officer, first promised in a national address by Ramaphosa on June 20...

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