Cosatu R250bn bailout plan for Eskom gathers speed

A proposal from union federation Cosatu to use R250bn of pension money managed by the Public Investment Corporation to pay down Eskom’s debt in return for a range of undertakings by the government was under urgent discussion at the National Economic Development and Labour Council on Wednesday.

Part of the deal would include that no worker at Eskom would lose their job and that the state-owned power utility would not be privatised.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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Why Cosatu might just be right about Eskom and the PICUsing the Government Employees Pension Fund to address Eskom’s woes has been dismissed by many experts, perhaps too quickly, writes Dominic Brown Reading your article it would seem to be trending that way. The country has to have electricity - with constant outages there is not much more that needs to be said.Something has to be done to get the economy moving - providing there is a fundamental grasp of the consequences Government Employees Pension Fund is a defined benefit fund Industrial Development Corp & Development Bank of Southern Africa are SOE. All 3 - any shortfalls and losses are covered by tax payers. Smoke and mirrors - the Eskom debt is being dumped on tax payers.
Source: BDliveSA - 🏆 12. / 63 Read more »

Why Cosatu might just be right about Eskom and the PICUsing the Government Employees Pension Fund to address Eskom’s woes has been dismissed by many experts, perhaps too quickly, writes Dominic Brown You are making a huge mistake my friends. But it is your money so you can have it stolen by whomever you want.
Source: BDliveSA - 🏆 12. / 63 Read more »

Cyril Ramaphosa 'favours' Cosatu proposal to lower Eskom debtPresident Cyril Ramaphosa is “favourably disposed” to a proposal by the country’s largest trade union federation to lower the debt of struggling state power utility Eskom, his spokeswoman said on Wednesday. Union federation Cosatu proposed at a meeting with Ramaphosa and business leaders on Monday that the Public Investment Corporation (PIC) and local development finance groups could help lower Eskom’s debt by about R250 billion.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

South Africa: South Africa’s Ramaphosa amenable to Eskom debt proposalJOHANNESBURG, Feb 5 (Reuters) - South African President Cyril Ramaphosa is 'favourably disposed' to a proposal by the country's largest trade union federation to lower the debt of struggling state power utility Eskom, his spokeswoman said on Wednesday. That is Government workers pensions. CyrilRamaphosa I don't know one non thieving Government worker So time for the thieves to have theirs stolen too
Source: dailymaverick - 🏆 3. / 84 Read more »

Sorry SA, Eskom won’t suspend load shedding for trafficThe power utility said rolling blackouts would continue until 6 am on Wednesday.
Source: ewnupdates - 🏆 30. / 53 Read more »

De Lille: Govt depts & municipalities to pay Eskom directlyEskom invoices MUST be approved within 30 days by depts & municipalities & payment MUST go directly to Eskom from NT...budget allocations MUST be adjusted accordingly...Govt will save on unnecessary bank charges, as well as, avoid delays/non-payment by user depts & municipalities I wonder who they have been paying. One normally pays a service provider directly. Strange comment!
Source: ewnupdates - 🏆 30. / 53 Read more »