Transnet appears to have been targeted with a strain of ransomware that cybersecurity experts have linked to a series of high-profile data breaches likely carried out by crime gangs from Eastern Europe and Russia.
Eskom has reduced its debt to less than R400-billion as discussions ensue to secure funding for a transition to renewable energy, according to public enterprises minister Pravin Gordhan.
South Africa has agreed to sell a majority stake in South African Airways, ridding the government of an entity that has long been a drain on state finances.
Eskom bondholders are watching the latest round of rescue talks from a distance. Yields suggest they’re confident their money is safe, whether or not the discussions result in a sustainable solution for the utility’s debt.
André de Ruyter knew well the adversity he faced at South Africa’s power monopoly – a state-owned wreck hollowed out by corruption that struggles to keep the lights on, pay its bills and play ball with a unionised workforce.
Eskom has read the riot act to “apathetic” managers at its power stations, calling for an “urgent culture change” in the organisation, as the state-owned monopoly plunges the country into severe load shedding.
With South Africa’s biggest state utility in crisis, one of parliament’s most important financial oversight committees called an urgent online meeting with the company.
The R3.8-billion claim Eskom has made against former executives as well as former minister Mosebenzi Zwane and the Gupta brothers, is a matter of principle, CEO André de Ruyter said on Tuesday.
The appointment of a white treasurer at Eskom has become mired in allegations of racism, deepening a political dispute between a rabble-rousing opposition party and a cabinet minister.
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.