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Eskom denies it is cash-strapped

17 Juillet 2017

The state-owned enterprise said that it had noted weekend media reports about apparent financial problems.

"Due to limitations around disclosing financial information before the official announcement, which is scheduled for Wednesday 19 July 2017, Eskom is not in a position to respond comprehensively to the specific issues raised at this stage".

Eskom only has enough cash to last it for the next three months - but it still wants bonuses to be paid to axed CEO Brian Molefe, suspended acting chief executive Matshela Koko and others, according to a report by the Sunday Times.

Eskom proposed the following a bonuses of R2.1 million for Molefe, R1.5 million for Koko and R1.9 million for Singh. "The company is confident that it will maintain sufficient liquidity to support its operations".

The 2014/15 annual financial results stated an emphasis of matter in relation to its going concern, which was addressed and subsequently removed in the 2015/16 financial year. Only good performance should be rewarded.

Eskom said it had "sufficient government guarantees" in order to be able to carry out its funding plan.

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Eskom has also maintained access to capital markets and raised committed funding.

"Eskom will continue to meet with a number of stakeholders ahead of releasing the results this week", it said.

Eskom's spokesperson, Khulu Phasiwe, said that the board had 30 days to "take appropriate steps to mitigate the risks identified, after which the external auditors are then required to ... confirm if the irregularities are continuing or not".

The second related to the reinstatement of Molefe as CEO in May.

The Democratic Alliance (DA) on Sunday urged Public Enterprises Minister Lynne Brown to stop bonus payments to "ineffective" Eskom executives.

The board's request for R13 million in bonuses for top executives at Eskom has emerged amid allegations that the power utility is broke - less than three years after receiving a R23 billion bailout by former finance minister Nhlanhla Nene.

Eskom denies it is cash-strapped