CityPress - - News - LEANNE GE­ORGE news@city­

Although Eskom in­curred mas­sive losses in its last fi­nan­cial year, it still man­aged to pay each em­ployee an av­er­age bonus of R88 000.

The to­tal bonus amount of R4.2 bil­lion (2016: R2.1 bil­lion) was paid out the week be­fore last, de­spite the fact that Eskom made a loss. It was given a qual­i­fied au­dit ow­ing to ir­reg­u­lar­i­ties and the power util­ity now has 10% more debt that it did the pre­vi­ous year.

If the to­tal amount al­lo­cated for bonuses is di­vided by all 47 658 of Eskom’s em­ploy­ees, each one would have re­ceived a bonus of at least R88 000.

Even the em­ploy­ees in the pur­chas­ing depart­ment, which was re­spon­si­ble for the qual­i­fied au­dit, re­ceived the bonus.

Khulu Phasiwe, Eskom’s spokesper­son, yes­ter­day told Rap­port bonuses were awarded on the ba­sis of per­for­mance.

The com­mer­cial di­vi­sion got 75% of their bonus – in spite of damn­ing re­ports by Trea­sury, the au­dit firms PwC and Den­tons and the Pub­lic Pro­tec­tor.

Eskom’s ex­ter­nal au­di­tors, SizweNt­salubaGo­bodo, found that Eskom had in­curred R3 bil­lion worth of ir­reg­u­lar ex­pen­di­ture.

Phasiwe said that not every Eskom em­ployee had re­ceived a bonus.

“I know of a col­league of mine who works at Eskom in Or­lando who did not re­ceive a bonus be­cause she was hos­pi­talised for a long time, and ob­vi­ously you can’t re­ceive a bonus if you are not at work,” he said.

Deon Reyneke, head of the metal, en­gi­neer­ing and elec­tri­cal in­dus­try at the union Sol­i­dar­ity, said he had “no idea why there was such a big dif­fer­ence be­tween this year’s fig­ures and last year’s fig­ures ... ex­plain­ing where the money came from is dif­fi­cult”.

At the re­lease of the fi­nan­cial re­sults on Wed­nes­day,

Anoj Singh, chief fi­nan­cial of­fi­cer of Eskom, and who has been linked to the Gup­tas, said Eskom made a profit of R888 mil­lion for the year.

He ac­tu­ally meant the Eskom Group had made this profit, some­thing which was only re­vealed in fi­nan­cial state­ments given to jour­nal­ists at the very end of the pre­sen­ta­tion.

The Eskom Group also con­sists of prof­itable com­pa­nies such as thee Eskom Fi­nance Com­pany, Es­cap and the Eskom De­vel­op­ment Foun­da­tion.

The power util­ity it­self in­curred a loss of R870 mil­lion. In the pre­vi­ous year, the group and the power util­ity had re­spec­tively man­aged to make a profit of R5 bil­lion and R3 bil­lion.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.