Enoch Godongwana says Eskom’s exemption disclosing irregular and wasteful expenditures in its financial reports will not go ahead.
Finance Minister, Enoch Godongwana says the exemption granted to Eskom allowing it not to disclose irregular and wasteful expenditures in its financial reports will not go ahead “for now”.
On Friday, Treasury published a gazette exempting Eskom from section 55 of the PFMA and Treasury Regulation 28.2.1 for a period of three years. “A major risk of having non-material, non-corrupt transactions reported in the annual financial statements include a higher likelihood of qualified audit opinion – which other listed companies do not face – that triggers loan covenants,” Treasury said.
Despite Eskom promising that it would not abuse wasteful and irregular expenditure exemption and fully comply with the Public Finance Management Act, members of the public and opposition parties raised concerns due to Eskom’s history of corruption.
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