ALLAN GREENBLO: Molefe's intended pension payout drama gets worse
Use of the Eskom Pension & Provident Fund (EPPF) for the intended Molefe payout should never have been contemplated, let alone pursued. The fund isn’t a laundry
Were the Eskom transaction with the Gupta-related Optimum Coal not sufficiently bizarre, a theatre of the absurd is compounded by the series of subsequent events in rapid succession: the departure from Eskom of CE Brian Molefe; the award by the Eskom board to him of a R30m bonsella; the disguise of the bonsella as a “pension” through the EPPF; then by its reversal when Molefe returned to Eskom. Add to these the contradictory statements from public enterprises minister Lynne Brown to explain the chain. She and the Eskom board have been unable to produce consistent spin. Then, to top it all, the EPPF became obliged to speak out on its use or abuse as the conduit for Molefe’s R30m. Until Molefe hit the fan, the EPPF had a record unblemished by public-interest controversies. That now changes. Each time EPPF CE and principal officer Sibusiso Luthuli attempts to explain the purported “pension” arrangement for Molefe, — the now you see him, now you don’t, now you see him again Eskom CE — m...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.