Eskom Bonuses: See How Much Molefe, Koko, Singh Will Earn

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Eskom Bonuses: Cash-strapped Eskom on Monday confirmed that it intends to pay multi-million rands in bonuses to present and former executives, including former Chief Executive, Brian Molefe.

The parastatal said the intended bonuses are part of an R13-million payment for the deserving executives who contributed immensely towards the development of the public utility in the past financial year.

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According to reports, former Eskom CEO Brian Molefe would be paid a whopping R2.1-million, suspended acting CEO Matshela Koko’s palm would be greased with R1.5-million while Eskom’s Chief Financial Officer Anoj Singh will receive R1.9 million.

Eskom spokesperson Khulu Phasiwe confirmed the report by affirming that the reported figures are correct.

“The report you saw today by the Sunday Times specifically about the figures that are going to be paid to the individuals you mentioned. Those figures are not incorrect…and because they have met their targets…that’s how and why they’re going to be getting those bonuses,” he said.

Eskom’s decision to pay Molefe and his colleagues has led to a public outcry following reports from multiple sources that the utility is facing financial difficulties.

The parastatals’ annual financial statements obtained by reporters in June showed that the power utility is sitting on its last R20-billion. Which means if something urgent is not done, Eskom could find itself unable to pay its workers November salaries.

Here are some reactions to the report.

On Sunday, Eskom refuted claims that it’s broke, as reported by the Sunday Times.

“Eskom has noted weekend media reports concerning its financial sustainability. Due to limitations around disclosing financial information before the official announcement, which is scheduled for Wednesday 19 July 2017, Eskom is not in a position to respond comprehensively to the specific issues raised at this stage.

Having said this, Eskom refutes the notion that it is facing a cash crisis, and that it has only enough cash to last for the next three months. It is important to reiterate that Eskom is not facing any liquidity challenges and that the company is confident that it will maintain sufficient liquidity to support its operations.”

Meanwhile, the Democratic Alliance (DA) has urged the Minister of Public Enterprises‚ Lynne Brown to halt the bonus process.

The Maimane-led blue colour party buttressed in a statement that ‘only good performance should be rewarded’, condemning Eskom for trying to reward officers who ruined the power utility.

A member of the DA Natasha Mazzone said:

“The Minister has the power to stop the handover of millions of public money to Eskom executives who have utterly failed‚ and in some cases, are the cause of the dire financial situation at the power utility.

The DA will not allow public money to be squandered on ineffective executives while the livelihoods of ordinary employees are put at risk.”

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In November 2016 a sorrowful Brian Molefe announced his resignation from Eskom ‘in the interests of good corporate governance’ after he was implicated in former Public Protector Thuli Madonsela’s State Capture Report.

Eskom generates, transmits and distributes approximately 95% of the electricity used in South Africa & approximately 45% of the electricity used in Africa.

Koko and Singh were also implicated in corruption reports published recently.

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