Africa Headline News

Corruption cripples South Africa’s power company-CEO

Eskom, a power company in South Africa, has declared a $704 million (£580 million) loss for the fiscal year that ended in March 2022.

Chief Executive Officer, Andre de Ruyter says the power company is hampered by corruption, sabotage, and criminal syndicates.

He made this known at a press briefing on the power generator’s year-end financial statements.

However, since these figures do not account for losses from the ongoing and severe blackouts that started in recent months, South Africans may have a challenging 2023.

At South Africa’s power utility, which is grappling with a historic crisis, things are gloomy.

The government had announced that the military would be deployed to the power plants to guard them.

Mr De Ruyter said the utility’s massive debt was a burden on the business making it difficult to make profit.

Writing by Adeniyi Bakare