CEST02000000Fri, 28 Jul 2017 02:42:30 +00003028am17, FriEurope/Amsterdam2017-07-28T02:42:30+00:00Europe/Amsterdam07bEurope/AmsterdamFri, 28 Jul 2017 02:42:30 +0000 8, 2016
Home / Home / Eskom says they are not broke

Eskom says they are not broke

Shunning the recent rumors that have been going round, Eskom says that they are not broke and they are capable of going on continuously.

“Eskom refutes the notion that it is facing a cash crisis, and that it has only enough cash to last for the next three months,”

“The company is confident that it will maintain sufficient liquidity to support its operations,” Eskom said in an official statement

The company said that their attention was called to the recent allegation of financial crisis in the company, stating that it will make an official statement concerning its financial status on Wednesday.

“Eskom is not in a position to respond comprehensively to the specific issues raised at this stage”. The company said

“external auditors have confirmed Eskom as a going concern, and as a result the company sees these reports as being inaccurate and misleading…

“It is important to reiterate that Eskom is not facing any liquidity challenges.”

“whilst Eskom’s financial position has always been supported by significant reliance on debt and borrowings, its improved overall financial and operational performance over the last two years has led to an improved balance sheet”.

“sufficient government guarantees” in order to be able to carry out its funding plan. It also had “maintained access to capital markets and raised committed funding”. said Eskom

The Sunday Times Newspaper had previously published an article where they said that Eskom only had the financial capacity to run for three months.

According to them, Eskom has R20bn left, but has proposed to pay millions in bonuses, including to former CEO Brian Molefe and suspended acting chief executive Matshela Koko.

Earlier this month, it was stated that there were some irregularities in the company.

Koko has been on special leave since May, pending an investigation into an apparent conflict of interests, while a legal battle continues into the reinstatement and subsequent removal of Molefe.

On Sunday, the DA called on Public Enterprises Minister Lynne Brown to reject the proposed multi-million rand bonuses for the executives, past and present.

The current controversy is still on and we await reports for a clearer insight on the matter.


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