Government sells Vodacom stake to fund Eskom
Government has sold its 13,91% stake in Vodacom to the Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF). As previously indicated, the proceeds from the sale will be used to finance the R23-billion allocation to Eskom. This gives expression to the commitment made in the 2015 Budget and the 2014 Medium Term Budget Policy Statement that funding of state owned companies would be in a deficit neutral manner.
Eskom extends T-Systems services
T-Systems South Africa has concluded the extension of a two-year disengagement period with Eskom, effective 1 May 2015. This will allow Eskom to review and implement its ICT sourcing strategy in line with business realities and industry trends.
Tsotsi, Eskom part ways amicably
Zola Tsotsi has agreed to step down as a director and chairperson of the board of Eskom. After much deliberation, the Eskom board accepted the presentation made by Tsotsi. The board and the chairperson thereafter held a constructive discussion about charting a way...Eskom suspends execs, orders inquiry
The Eskom board has suspended four key executives – including the CEO – and will commission an independent inquiry on the current status of the business and its challenges. Among other things, the commission will form an independent view on: the poor performance of generation plant; delays in bringing the new generation plant on-stream; the high costs of primary energy; and cash flow challenges.