Fury as Eskom escapes scrutiny over dodgy spending
society groups criticised Eskom’s exemption from reporting irregular spending in its annual financial statements, saying the move raises concerns about rampant corruption at the state-owned power utility.
National treasury on Friday granted a request by Eskom to lift some disclosure requirements and move the category of irregular, fruitless and wasteful expenditure to its annual report for three years. Exempting the company from reporting those costs in its financial statements may reduce the risk of a qualified opinion from the utility’s auditors and, in turn, protect the company’s credit rating, according to treasury.
“Eskom is an organisation that’s steeped in concerns around irregular expenditure and corruption,” said Wayne Duvenage, CEO of theEskom and other state-owned companies were targets of corruption during former President Jacob Zuma’s nine-year time in office. In the period that followed, Eskom’s management began reviewing contracts dating as far back as 2012 to check for expenditure that contravened or fell outside applicable laws.
The utility has worked with the department of public enterprises, which oversees Eskom, and national treasury to separate historical irregular expenditure from normal spending “to minimise the continued impact on the annual financial statements”, the company said in its 2022 results. Eskom also maintained that progress has been made through checks and balances established over the past three years to reduce the extent and risk of irregular expenditure.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Eskom has been spared from irregular spending reports - TechCentralSouth Africa will exempt Eskom from having to report irregular spending to avoid harming the company’s credit rating.
Read more »
Eskom insists PFMA compliance a priority amid fury over exemptionIn its annual financial statements, Eskom has welcomed National Treasury's decision to exempt it from disclosing irregular, fruitless, and wasteful expenditures. ECRNewsWatch ESKOM
Read more »
SES, Intelsat weigh merger to fend off Musk's Starlink - TechCentralAfter decades of competing against each other, two Luxembourg-based satellite rivals are weighing a merger to take on a space industry upstart.
Read more »
TikTok parent now makes us much revenue as Tencent - TechCentralByteDance’s revenue surged more than 30% to surpass $80-billion in 2022, matching the tally at archrival Tencent.
Read more »
Musk strips New York Times of blue checkmark - TechCentralThe New York Times has lost its Twitter verified badge, after attracting the ire of billionaire owner Elon Musk over its refusal to pay for the privilege.
Read more »
Key customer retention strategies for SMEs - TechCentralPromoted | Euphoria Telecom CEO John Woollam outlines three customer retention strategies that local SMEs can consider.
Read more »