Finance Minister Permanently Withdraws Eskom's Controversial Exemption From Reporting Irregular Spending: SouthAfrica Loadshedding
Finance Minister Enoch Godongwana has permanently withdrawn Eskom's exemption from some aspects of the Public Finance Management Act that require the power utility to disclose irregular, fruitless and wasteful expenditure in its annual report and financial statements.
Godongwana made the decision after concluding consultations with the Auditor-General and considering comments from the public, including submissions from the accounting and auditing profession.on 31 March 2023, which would pave the way for Eskom to no longer disclose irregular, fruitless and wasteful expenditure over the next three years that did not arise from corruption.
Critics across the political and civil society spectrum argued that the exemption could be used by Eskom's management and board to hide wrongdoing at the utility, which was a key site of State Capture corruption. Following the backlash, Godongwana temporarily withdrew the exemption to have more consultations. He has now permanently withdrawn the exemption.
Granting the exemption, which Godongwana and the National Treasury described as"partial", would have had the effect of Eskom not having an obligation to disclose irregular, fruitless and wasteful expenditure in its annual report and its financial statements -- as...
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