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Parly to invite Eskom to “explain” results  

Eskom board chairperson Jabu Mabuza conceded that the power utility is facing one of its toughest times.
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Parliament’s Public Enterprises Committee Chairperson Lungi Mnganga-Gcabashe says she concerned following Eskom’s announcement of irregular expenditure of about no less than R19 billion since 2012.

This comes after Eskom released its 2017/18 financial results earlier on Monday.

Mnganga-Gcabashe says the committee will continue to engage with Eskom to address its challenges in a bid to restore public and investor confidence.

The committee says it will invite Eskom to brief the committee about the power utility’s latest financial results.

Eskom board chairperson Jabu Mabuza conceded that the power utility is facing one of its toughest times after Eskom reported a net loss before tax of  R2.6 billion for the reported period and irregular expenditure of no less than R19-billion.

Mabuza expressed that they are still investigating corruption and maladministration to establish how much more money the organisation might have lost over the past few years.

The DA has slammed what it calls continued waste of resources at a bloated Eskom – where executive remuneration climbed by almost 30 % in the last year to R66 million from the previous year’s R51 million.

Eskom has released its financial results at Megawatt Park in Johannesburg and they don’t’ make pretty reading.

The DA says the losses are the result of the years of corruption, mismanagement and the bloated staff complement. The party says it plans to introduce a Private Members Bill aimed at dismantling Eskom and creating a separate public entity which will manage the grid.

WATCH  |  Reaction to latest Eskom results

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