Picture File: A general view of Matla Power Station on 9 March 2021 in Secunda, South Africa. Picture: Gallo Images/Lefty Shivambu
We wonder if there is some “firepool logic” at work in the National Treasury’s decision to exempt Eskom from having to declare, in its annual financial statements for the next three years, losses incurred in “irregular, wasteful and fruitless expenditure.” The rationale from our government money boffins is that complying with the Public Finance Management Act requirements on reporting these losses could result in Eskom getting a “qualified audit opinion”.
This, in turn, “may have a negative outlook on the entity’s corporate rating and credit assessment with the credit rating agencies”.Okay, now we’re lost. You’ve announced that Eskom can hide these losses from the auditors.
If ratings agencies don’t pay attention, surely potential investors will. Those investors will see that the accepted legal, financial and ethical safeguards protecting business are somewhat flexible in the eyes of our government.
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