Eskom reports irregular expenditure of billions

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Eskom has reported a net loss before tax of two-point-six-billion-rand and irregular expenditure of 19-billion-rand since 2012. Eskom board chairperson Jabu Mabuza says they are still investigating corruption and maladministration to establish how much more money the organisation might have lost over the past few years.

Releasing Eskom’s financial results at a media briefing at Megawatt Park in Midrand, north of Johannesburg, Mabuza conceded that Eskom was facing one of its toughest times.

“Whilst we as a board are disappointed that the qualified audit could not be avoided our view is that challenges in their nature cannot be solve overnight. We pleased though that great strides have been made in our key focus area with a number of initiatives set in motion to address these key issues. Since our inception we have seen several executives and staff members implicated in serious allegations and misconduct fall by the wayside. Some criminal proceedings have already been initiated. We continue to pursue wrong doing and take corrective action. I believe our committment to improving our governance practices had in the medium term resulted in greater number of issues of irregularities and impropriety coming to light.”

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