#MarketSense NUMBER OF THE DAY: R19.6 billion
366 views · Published 23 July 2018 · 2:20 · Indexed 22 September 2026
Channel: SABC News · 2018 · News & Politics
It wasn't a surprise. But Eskom results revealed today the extent to which the power utility is bleeding money. Eskom reported that, after making a profit that last time around, it made a massive loss for the latest financial year. R2.3 billion to be exact. But the number of the day is actually a much bigger price tag for the South African public which relates to 'irregular expenditure. The chair, Jabu Mabuza, revealed that Eskom has lost R19.6 billion in irregular expenditure since 2012. He says that this is only coming to light now because - in his words - they have been shaking the cupboard so hard that all the skeletons are coming out. Irregular spending does not necessarily mean corruption of fraud but means that correct processes were not followed. In two interviews tonight we'll be asking - how will the lights stay on - and what sort of price hikes are we looking at to fund this hole. For more news, visit: sabcnews.com
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