TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»ABB agrees to repay Eskom R1.6-billion following graft probe

    ABB agrees to repay Eskom R1.6-billion following graft probe

    News By Agency Staff11 December 2020
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    ABB will repay R1.56-billion to Eskom, the latest international company to return money after being ensnared in corruption probes in the country.

    The reimbursement was agreed with the Special Investigating Unit, the state-owned power utility said in a statement on Friday. ABB has already accounted for the bulk of the payment in its financials, the Zurich-based company said in a separate statement.

    By returning the funds, ABB joins McKinsey & Co and KPMG among firms that have given back money they’ve earned in South Africa from contracts tainted by graft. McKinsey this week said it would repay R650-million to Transnet and South African Airways after handing back R1-billion to Eskom two years ago. The US consultancy’s chief risk officer testified at the state capture commission on Thursday.

    Investigators this year widened a probe into contracts that Eskom signed with five international companies…

    The recovery is the biggest ever by the SIU and sends “a clear message about the commitment of government to assist the SIU and other law-enforcement agencies to do their jobs”, justice minister Ronald Lamola said at a briefing.

    President Cyril Ramaphosa came to power three years ago with a pledge to clamp down on state corruption that became rampant under former President Jacob Zuma’s nine-year rule. The government estimates that more than R500-billion was looted from the state, much of it from government firms while Zuma was in power.

    Modified

    Investigators this year widened a probe into contracts that Eskom signed with five international companies including ABB, WSP Global, Black & Veatch, Alstom and Tenova. The deals were all repeatedly modified, with the value increasing to a multiple of their initial approved cost.

    They were connected to the construction of coal-fired electricity plants, including the Kusile power station, that have run tens of billions of rand over budget and are yet to be completed. That has contributed to recurrent power shortages and Eskom’s unsustainable R484-billion of debt.

    In July, Eskom said it estimated it had overpaid ABB by R1-billion and the engineering firms collectively by R4-billion. It plans to pursue a further R3-billion of irregular spending at Kusile.  — Reported by S’thembile Cele and Antony Sguazzin, (c) 2020 Bloomberg LP

    ABB Eskom Jacob Zuma KPMG McKinsey Ronald Lamola top
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleHyundai buys robotics firm Boston Dynamics
    Next Article N Cape solar farm to power Amazon’s South African data centres

    Related Posts

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.