We've experienced a shuddering last few days at the state capture inquiry. Former Eskom executives who were present when the rot of corruption set in have lifted the lid on some pretty heinous behaviour: It's been enough to convince Shadow Public Enterprises Minister Natasha Mazzone that the utility has put South Africa on a precipice.
Eskom's risky business Well, where do we start? We heard on Friday that ex-Chief Financial Officer Anoj Singh wanted to jump head-first into a R25 billion loan with Chinese firm Huarong Energy. Eskom treasurer Andre Pillay told the commission that the crippling financial deal only fell at the final hurdle when terms couldn't be agreed later down the line.
Then you've got the jaw-dropping situation with Tegata: Eskom gave the Gupta-owned mining business a whopping R659 million advance on one of its deals according to testimony heard this week, which caused a mini-fiscal meltdown when the payment was made:
It is now admitted that the incorrect process was followed when making the pre payment in 1 hour and 20 minutes because it came from the highest echelons of Eskom. 1 hour and 20 minutes to pay R659 Million of South Africa's money! #ZondoCommission
- Natasha Mazzone MP (@Natasha9Mazzone) March 5, 2019 Tegeta deal turns heads More details were revealed about the way Singh conducted himself with the Huarong group before his resignation in January 2018. Energy official Snehal Nagar revealed that their massive Tegeta payment had to be made by fooling the system : They used an existing contract between Eskom and Gupta firm for coal supply to carry the deal.
Looking on in horror, Natasha Mazzone attended the state capture inquiry on Tuesday. She expressed her concerns about the clandestine details that are only just coming to light and believes that the R25 billion may just be a drop in the ocean. The MP also feared that the utility could push the country towards a debt trap with China:
The whole situation points to a shroud of secrecy that has covered the terms and conditions that were linked to the commercial loans within Eskom. This revelation proves to us that Singh's attempt to slip through the R25 billion contract could be the tip of the iceberg.
The DA will continue to fight for transparency and will not accept clandestine loan agreement with China. This enchanting debt trap has allegedly already trapped other countries like Zambia.
Natasha Mazzone Natasha Mazzone shares bleak forecast for Eskom The shadow minister suggested a number of reforms were needed to get Eskom back on the straight and narrow. Her wish list includes a review of all diesel and coal procurement contracts currently in place, and she encouraged the ANC to look at Independent Power Providers (IPPs) instead of continuing to build units at Kusile.
Mazzone doesn't hold out much hope for the newly-appointed task team that are set to audit the company and assess Eskom's shortcomings, either. The DA representative dismissed this move, saying it would do little to revive the entity or save it from an impending debt trap.
Tags: ChinaDemocratic Alliance (DA)EskomNatasha MazzoneSouth Africa
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We've experienced a shuddering last few days at the state capture inquiry. Former Eskom executives who were present when the rot of corruption set in have lifted the lid on some pretty heinous behaviour: It's been enough to convince Shadow Public Enterprises Minister Natasha Mazzone that the utility has put South Africa on a precipice.
