• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us

For all official information and updates regarding COVID-19, visit the South African Department of Health's website at www.sacoronavirus.co.za

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION
Home Business

Calls for Eskom to be put under business rescue

10 February 2020, 6:11 PM  |
Naledi Ngcobo Naledi Ngcobo |  @SABCNews
Eskom

Fedusa says it rejects the proposal that the PIC should step in to take on R250-billion of Eskom's debt.

Eskom

Image: SABC News

Fedusa says it rejects the proposal that the PIC should step in to take on R250-billion of Eskom's debt.

The Federation of Unions of South Africa (Fedusa) has proposed that Eskom be placed under business rescue as opposed to using public servants pension funds to bail out the ailing power utility.

Fedusa says it rejects the proposal brought forward by the Congress of South African Trade Unions (Cosatu) which suggests that the Public Investment Corporation (PIC) should step in to take on R250-billion of Eskom’s debt.

The PIC manages R2-trillion of government employees Pension Fund.

Fedusa says putting Eskom under business rescue will ensure that outside and undue political interference in its operations and governance is prevented.

Acting General Secretary at Fedusa, Riefdah Ajam says Eskom cannot constantly seek financial assistance from government.

“We cannot be using workers money to rescue Eskom nor any other state-owned entity. There has to be conditionalities attached to it. And what we are saying as Fedusa, in particular, is that when it comes to the PIC and the Government Employees Pension Fund (GEPF), we have already extended via the GEPF to the tune of R85 billion, so this cannot be the only possible source of income to secure any state-owned entities.

So at this point in time we are calling for government to issue bonds that will support the process which is the underlying precept but essentially any kind of intervention must be taken, and going for the extreme at this point in time, placing Eskom under business rescue is an option that must be exercised,” expressed Ajam.

Meanwhile, the Public Servants Association (PSA) says it will oppose the use of public servants’ pensions to bail out Eskom. The organisation highlighted that they were angered by calls made by Cosatu for investment into Eskom using workers’ money.

PSA says corruption and maladministration at Eskom need to be dealt with before the power utility gains access to further funding.

Share article
Tags: EskomThe Federation of Unions of South Africa (FEDUSA)
Previous Post

Lipolelo Thabane murder case: survivor to appeal Maesiaih’s bail

Next Post

Workers down tools at Piet Retief Hospital over remuneration

Related Posts

Johannesburg Metro Police Department (JMPD) vehicles can be seen in the above picture.

‘JMPD, striking officers reach amicable agreement’

19 August 2022, 8:33 AM
The dollar index rose 0.121% to 107.620, after earlier touching 107.68, its highest since July 18.

Dollar hits 1-month high as Fed officials talk up rate hikes

19 August 2022, 4:49 AM
Britain's Foreign Secretary Liz Truss.

UK’s Liz Truss says defining mission will be reviving the economy

19 August 2022, 4:23 AM
Volume on US exchanges was last at 9.43 billion shares, which would be the lowest for the year so far.

Wall St ends higher, Cisco Systems jumps after forecast

19 August 2022, 3:35 AM
The dollar pared gains on Wednesday after the Fed's July meeting minutes showed central bank officials were concerned they could raise rates too far in their commitment to get inflation under control, which was interpreted as modestly dovish.

Dollar jumps as Fed officials say more rate hikes needed

19 August 2022, 1:08 AM
South African currency

Number of properties in Tshwane and Johannesburg municipal debts exceed their value

18 August 2022, 4:32 PM
Next Post
Nehawu

Workers down tools at Piet Retief Hospital over remuneration

Most Viewed

  • 24hrs
  • Week
  • Month
  • EMS says fire at Bree Street Taxi Rank in Johannesburg has been extinguished
  • The public has until 18 May to make submissions on Icasa’s regulations for extension of expiry period for data, airtime
  • ANC NEC expected to hold a special meeting on Sunday
  • Eastern Cape flood victims plead for support as access to food, services remains difficult
  • Amathole Regional Secretary elated to have corruption charges against him dropped
  • Elon Musk says he is buying Manchester United
  • Pick n Pay launches new supermarket brand
  • Public has two weeks to make comments on proposed changes to pension funds
  • 14-year-old Eastern Cape learner facing arm amputation after allegedly taking COVID-19 vaccine
  • Home Affairs tightens rules on passport application to curb corruption
  • Home Affairs clamps down on passport fraud and introduces transit visas
  • Mogalakwena Municipality in Limpopo directed to terminate appointment of more than 400 workers
  • Elon Musk says he is buying Manchester United
  • Pick n Pay launches new supermarket brand
  • Public has two weeks to make comments on proposed changes to pension funds

LATEST

A crime scene cordoned off.
  • South Africa

Political parties urge police ministry to act decisively in combating crime


The site of the Trojan Horse Massacre in Thornton Road Athlone Cape Town has been declared a provincial heritage site.
  • South Africa

Trojan Horse Massacre site in Cape Town declared a provincial heritage site


A collection of books seen at a library.
  • Lifestyle

Nama San language activists launch a curriculum to revive the language


File image of a cricket ball and stumps during a game.
  • Sport
  • Cricket

England trail Proteas by 123 runs at lunch on Day 3


A tank damaged during the fighting between Ethiopia's National Defense Force (ENDF) and Tigray Special Forces stands on the outskirts of Humera town in Ethiopia July 1, 2021.
  • Africa

Ethiopian government open to talks in hopes of resolving conflict in country’s northern crisis


The SABC News COVID-19 Global Wrap brings you highlights of news which dominated headlines with regards to the coronavirus pandemic.
  • Sci-tech

Weekly Global COVID-19 Wrap


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2022

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION

© 2022

Previous Maesiaih Thabane Lipolelo Thabane murder case: survivor to appeal Maesiaih’s bail
Next Nehawu Workers down tools at Piet Retief Hospital over remuneration