SUSPENDED CFO OF SOUTH AFRICAN POWER UTILITY ESKOM RESIGNS

JOHANNESBURG, The Board of South African power utility Eskom says it has accepted the resignation of suspended Chief Financial Officer Anoj Singh.

Eskom has today received, through Mr Anoj Singh’s attorneys, a formal letter of resignation by Mr Singh from his position as the Chief Financial Officer, in line with the terms of his employment contract. The board of Eskom, through the Chairman, has accepted the resignation and communicated the acceptance through Mr Singh’s attorneys, the State-owned power utility said in a statement here Monday.

It said Singh’s resignation is effective immediately.

At the weekend, the government had announced the appointment of new board members as an immediate measure to strengthen governance and management at the parastatal. Jabu Mabuza was appointed as Chairperson of the Board and the government also recommended the appointment of Phakamani Hadebe as the acting Group Chief Executive Officer (CEO) with immediate effect.

The Board was directed to immediately remove all Eskom executives who are facing allegations of serious corruption and other acts of impropriety, including Singh and acting CEO Matshela Koko.

Government further calls on all Eskom employees and other stakeholders who may have evidence of wrongdoing to bring this to the attention of law enforcement agencies so that culprits can be brought to book, said the Presidency on Saturday.

Eskom has been facing several challenges, including a weak financial position, declining revenues and governance failures, which are threatening the sustainability of the company going forward.

As a result, Government has decided on the following immediate measures to strengthen governance and management. This is the first step towards restoring confidence in the company, improving its financial position and restoring its operational performance, said the statement by the Presidency.

It added that Eskom is critical to the South African economy. As a key enabler of economic growth and social transformation, any further deterioration of Eskom’s financial and operational conditions could have a severe impact on the country.

The Ministers of Public Enterprises, Energy and Finance will work together under the leadership of Deputy President Cyril Ramaphosa to deal with other structural issues, which include the funding model and other industry challenges as identified by the Inter-Ministerial Committee on State-Owned Enterprises (SOE) Reform.

Source: NAM NEWS NETWORK