In an exclusive interview with OFM News, Eskom's spokesperson, Khulu Phasiwe, says it is not corruption per se, however, some people did not follow proper procedures in terms of securing deals. This comes after the power utility announced that they will not be giving bonuses to any employees after close to R30 billion of their expenditure was deemed fruitless and wasteful as a result of corruption. Phasiwe says this amounted to a loss of R2.6 billion. He told OFM News it won't be swept under the rug.

Meanwhile, financially stressed Eskom is planning to raise R72 billion before next year's financial year-end, by going abroad, hosting roadshows and issuing bonds. Phasiwe says they have already raised R13 billion.

The power utility is confident it will reach its target, despite reporting a R2.3-billion loss for the past financial year. It has, however, warned of yet more financial difficulties ahead, and acknowledges that its current business model is no longer sustainable. To date, Eskom has secured only 22% of its funding requirement for 2019. Phasiwe explains how the bonds work.

OFM News