Eskom Is Broke – Executives to Smile All the Way to the Bank

This is part of a R13-million payment proposed for Eskom's top executives.

By Staff Writer

South Africa’s power utility is sitting on its last R20-billion but wants bonuses to be paid to axed CEO Brian Molefe, suspended acting chief executive Matshela Koko and others, Sunday Times reported.

The newspaper reported that this means that, unless something is done urgently, the parastatal could find itself unable to pay November salaries.

However, Eskom proposes that Molefe be paid a R2.1-million bonus for the eight months he served as CEO in the 2016-17 financial year, said the newspaper.

Earlier this year, Eskom attempted to secure a R30-million pension payout for Molefe – who was CEO for only 18 months.

It added that Koko – who is suspended and is scheduled to face a disciplinary procedure this week for alleged conflict of interest for failing to disclose his stepdaughter’s shareholding in a supplier, Impulse International – stands to gain a R1.5-million bonus.

This is part of a R13-million payment proposed for Eskom’s top executives.

For more read: Broke Eskom to splash on bonuses for Molefe, Koko




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