South African investigators are seeking to recover more than R400-million from German software giant SAP for two government contracts they allege were entered into unlawfully, court documents show.
Browsing: Eskom
A pact between South Africa’s government, labour unions and business to cut Eskom’s debt won’t include a pledge to use the pensions of state workers as had been initially proposed.
Eskom, which relies on coal to generate most of South Africa’s electricity, issued a request for bids to build its first battery-energy storage system, according to a newly published tender document.
The SIU is going after members of the Gupta family, and former Eskom executives, board members and other associates in an effort to recoup R3.8-billion that the power utility lost when the Gupta family acquired Optimum Coal.
Eskom plans to cancel a contract to buy as much as R14-billion of fuel oil from Econ Oil & Energy after a probe it commissioned found Econ’s fees had been inflated.
André de Ruyter, the CEO of South Africa’s debt-stricken state power utility, is navigating a political minefield as he collects overdue debt, reduces electricity theft and bolsters revenue.
Six of Eskom’s generation units tripped on Monday, dramatically increasing the chances of the return of rolling blackouts this week.
Eskom’s gross debt surged to R480-billion after the struggling state-owned power utility borrowed from its lines of credit, documents show.
Eskom’s own mishandling of a repair contract led to the closure of its Camden power plant, a move that worsened power cuts by South Africa’s near-monopoly electricity provider, the company said.
South Africa can fix Eskom’s balance sheet by transferring its guaranteed debt to the government’s balance sheet, according to the former CEO of Goldman Sachs Group in sub-Saharan Africa.