Ahem: about that missing R3bn, Eskom
Futuregrowth steps up pressure on DBSA to pursue debt dodgers
During three weeks of negotiations with Eskom it became clear that it had no understanding of governance or why it is in such a mess, says the chairman of the Development Bank of Southern Africa, Jabu Moleketi.The bank triggered a clean-audit clause in its debt agreement with Eskom after the auditor-general gave its financial statements for the year ended March the thumbs down, not least because of a missing R3-billion in unauthorised expenditure.The bank demanded that Eskom's financial director, the Gupta-associated Anoj Singh, be removed immediately or it would call in a R15-billion loan.This would have triggered the instant recall of some R351-billion worth of loans from its other creditors, including major local banks.During increasingly tense discussions Eskom tried to get the bank to change the terms of the loan agreement and withdraw its ultimatum. The bank wasn't having any of it."We were making our views quite clear," says Moleketi, also a former deputy finance minister."We...
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