State capture to blame for financial woes, Eskom says

Eskom has blamed its financial mess on state capture and is planning on shutting power to municipalities and households that owe it a collective R11-billion.

State-owned power utility Eskom is in deep financial and has warned municipalities and households that are indebted to it to brace for power cuts until the debts are paid.

The utility said that it is owed R11-billion from municipalities and thousands of households and will shut off power in order to recover the monies it is owed.

The state-owned enterprise (SOE) reportedly needs R20-billion to remain operational but has admitted that its cash reserves are well below this figure.

Eskom has placed the full blame of its financial mess on state capture, and despite admitting that its running out of cash, denies being completely broke.

The utility said that it will seek a bailout from government, eNCA reports.

Unfortunately, it will once again be the regular citizens of South Africa who will have to bear the cost as the utility seeks to find a way out of this financial mess.

Comments

comments

8Bit

We Recommend

Top