HomeNewsEskom claims support from Deutsche Bank and PPF

Eskom claims support from Deutsche Bank and PPF

South Africa’s state-owned power utility Eskom has welcomed the support it has received from international lender Deutsche Bank and the Progressive Professional Forum (PPF) who have expressed confidence in the organisation’s dealings with suppliers and role in transforming the coal industry, the utility said in a statement over the weekend.

This statement follows a media briefing held by the Eskom board to clarify its position on the public protector’s State of Capture report, after its release last weekend.

Eskom said that Deutsche Bank has expressed confidence in its management team and the way in which it has handled the Tegeta coal contracts issue.

Eskom further quoted the bank as saying: “Overall, the management sounded very confident and reiterated that all coal contracts and transactions discussed in the public protector’s report were in compliance with Eskom’s procurement policies, consistent with requirements of Public Finance Management Act and were pre-approved by the National Treasury.

“We believe Eskom’s management has presented a strong case and the underlying transactions were seemingly in compliance with all internal and external requirements and were carried out keeping in mind the best interest of the company, investors and shareholders.”

Meanwhile, the power utility said the PPF  has welcomed the report released by Eskom on Thursday, 3 November 2016, and has also said that it is proud of the achievements, leadership and professionalism of Brian Molefe, which manifested in outstanding service delivery and transformation in all his previous portfolios, including PIC, Transnet and Eskom. “We are confident that the utility is in great hands and support his commitment to black excellence and transformation,” the utility quoted the professional body as saying.

The utility’s statement also quoted the PPF as saying further: “The sterling work by the Eskom board and executive is evident from its 15-month record of no load shedding that has stabilised the country’s power supply, a commendable feat considering its recent load shedding woes. PPF applauds the African Development Bank and the China Development bank for their confidence in Eskom demonstrated by providing the loan facilities.”