Business Maverick: South Africa Seeks Legal Advice on $24 Billion Eskom Debt Burden

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

South Africa’s National Treasury is seeking to hire a legal firm to advise it on how to reorganize the 396 billion rand ($24 billion) debt burden held by national power utility Eskom Holdings SOC Ltd., people familiar with the situation said.

A request for proposals from the firms was issued recently, according to one of the people. It comes as the department continues with technical work it began in March on how to deal with the debt that’s left the utility reliant on state handouts to survive. Eskom doesn’t earn sufficient revenue to cover its running costs and interest payments, and the company has subjeced the country to intermittent power outages since 2008 because it can’t meet demand.

The development may indicate more urgency by the South African government to resolve the crisis at Eskom, which is holding back the economy and damaging the popularity of the ruling African National Congress. The country is currently experiencing its worst-ever power cuts, with as much as 6,000 megawatts being shed from the national grid, after a pay strike halted some of its plants and interrupted maintenance.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

So Treasury has been oparating without legal team all these yrs 🤔🤔🤔🤔

nickhedley Are you still there doubting and worrying about who to invest with? Then go check out on Mr Jackson he is the best and you can always counting him JacksonMooreq

Where did all this money go? StateCapture PravinGordhanZA CyrilRamaphosa Our_DA OUTASA

🤑

Only now?

Moving Chairs on the Titanic, in the end the avg taxpayer will pay. Either through Tariffs and/or through VAT or and/or PIT. Even if you are completely off the grid you will pay. The morons (that includes the Treasury) that brought you here, will get you out of this malaise?

Should rather hire forensics team, see just how much of that almost R400bn was part of inflated coal, diesel and other irregularities, and just shave that right off

Are they about to invite the Guptas back... 🤔🤔

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines