Eskom has secured 22% of the funding it requires in the new financial year according to the power utility’s board chairperson, Jabu Mabuza.
Speaking at the launch of the parastatal’s Electricity System Status Report in Germiston yesterday, he said that the new board had raised R43 billion between January and March and had approved a financial viability plan which would be shared with Public Enterprises Minister Pravin Gordhan.
Mabuza said that since the new board had taken office, Eskom was taking action to address financial mismanagement, malfeasance and maladministration. He pointed to the exit of several senior executives from the utility, along with the introduction of mandatory lifestyle audits for all executives and senior managers, as evidence of this.
“Our focus and discussions have centred on finding neat solutions to the liquidity issues and addressing governance-related matters as a matter of urgency,” added Mabuza. “Doubling our efforts in curbing governance irregularities has restored the organisation’s credibility and improved investor confidence, providing some much-needed financial relief.”
