Eskom pulls the plug on its an­nual re­sults

The Star Early Edition - - BUSINESS REPORT -

THE an­nual fi­nan­cial re­sults of state-owned power util­ity Eskom are set to be an­nounced next week, July 19. Ac­cord­ing to its spokesper­son Khulu Phasiwe, this fol­lows the util­ity’s de­ci­sion to pull the plug at the eleventh hour due to “un­fore­seen cir­cum­stances”. Eskom con­firmed on Mon­day that it had re­ceived a re­port from its ex­ter­nal au­di­tors af­ter they raised con­cerns about al­leged ir­reg­u­lar­i­ties link­ing its for­mer chief ex­ec­u­tives Mat­shela Koko and Brian Molefe. The util­ity said the ir­reg­u­lar­i­ties were re­ported to the In­de­pen­dent Reg­u­la­tory Board of Au­di­tors. Phasiwe said Koko’s fate was in the hands of Pub­lic En­ter­prises Min­is­ter Lynne Brown, while Molefe’s would be de­cided by the courts. “Eskom’s board has taken ad­e­quate steps to the sat­is­fac­tion of the au­di­tors that the ir­reg­u­lar­i­ties were no longer con­tin­u­ing,” the power util­ity said. “In Molefe’s mat­ter, it was noted that the ir­reg­u­lar­ity could only be closed out when the court pro­ceed­ing had been con­cluded.” Phasiwe said ir­reg­u­lar­i­ties per­tain­ing to the con­tract and Molefe had been iden­ti­fied by its own au­di­tors and ex­ter­nal au­di­tor SizweNt­salubaGo­bodo. Koko was im­pli­cated in an ap­par­ent con­flict of in­ter­est af­ter Eskom awarded Im­pulse In­ter­na­tional, a com­pany in which his step­daugh­ter Koketso Choma was a di­rec­tor, con­tracts worth R1 bil­lion. Koko has since been on leave. – Ziyanda Mbolekwa

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