Time is ticking for Eskom’s Singh on eve of inquiry

Eskom’s chief financial officer, Anoj Singh, is a remarkable man. A lesser man would have long since fled the scene of the crime or perhaps even cried. But Singh is shameless.

The positive spin he put on the financial results at last Wednesday’s presentation was probably to be expected. He focused on the 14% increase in earnings before interest, tax, depreciation and amortisation. In a debt-laden entity such as Eskom, which is also in the process of bringing large and expensive assets onto its balance sheet, this is not the best indicator of financial health.

He glossed over the 85% drop in profit before tax and the large rise in debt costs. And it was only towards the end of the two-hour session that he admitted Eskom’s R20bn cash reserves were up against what is regarded as the liquidity buffer — and that as Eskom’s going concern status relies on it being able to borrow, the loss of access to the debt capital markets could pose a serious problem.

But what was most impressive was how he sat through the lengthy ordeal with no sign of discomfort while his integrity was repeatedly questioned. On some points he offered very detailed explanations — for example, the reason Eskom decided in arbitration to lower the R2bn fine on the Gupta-owned Optimum mine to R577m in April 2017.

Apparently this has a long and complicated history involving a change in mining equipment and financial and legal issues.

At other times he calmly batted away questions related to him personally. On two hugely expensive trips to Dubai courtesy of the Guptas, he promised he would soon release a “public document” to fully explain all the allegations made against him.

Finally, on the question of whether he had taken a bribe or a gift from anyone, Singh said he had never taken or received a bribe. Relating to gifts, however, he referred again to the forthcoming document, saying: “I will be submitting a tell-all document, so let’s just wait for that and see what happens.”

The document in question will be presented to Parliament’s Eskom inquiry, for which the portfolio committee on public enterprises holds its first meeting on Tuesday.

Committee chair Zukiswa Rantho is known for being tough and fair. Judging from the last appearance of Eskom chairman Ben Ngubane and Public Enterprises Minister Lynne Brown, at which the R30m pension payment to former CE Brian Molefe was discussed, Rantho will allow members of Parliament on all sides to have a full opportunity for questions.

It has already been agreed by the committee at a previous meeting (although not yet nailed down on the agenda) that two of the Gupta brothers, Ajay and Atul, as well as their business partner, Duduzane Zuma, will be called.

Brown, who has become expert at ducking and diving, will also be called, as will Ngubane and Molefe.

ON THE QUESTION OF WHETHER HE HAD TAKEN A BRIBE OR A GIFT FROM ANYONE, SINGH SAID HE HAD NEVER TAKEN OR RECEIVED A BRIBE

It was with the parliamentary inquiry in view that Eskom executives finally ’fessed up at last week’s press conference to some of the ugly business they had been hiding for months. This included previously denied payments to the Gupta-aligned Trillian and the existence of a much-denied R1.6bn guarantee, signed to help the Guptas buy Optimum.

Adding to the difficult position in which Eskom directors past and present now find themselves is that acting CE Johnny Dladla looks disinclined to assist them in a cover-up. It was he who uncovered the Trillian payment and brought it up at last week’s briefing.

The dynamics are changing fast and Singh could soon find it harder to maintain his poker face.