Eskom gets new board that is 'as good as you can ever hope for'

FILE: Jabu Mabuza. Picture: GCIS

The first job of the board… is to convince lenders that things are on the mend… this board can do that…

Stuart Theobald, Intellidex

This board is about as good as you can ever hope for.

Stuart Theobald, Intellidex

Eskom is pushing South Africa to the brink of financial collapse.

If Eskom tanks – which is, seemingly, starting to happen - it would be the equivalent of 42 SAAs or 146 SABCs collapsing simultaneously.

Eskom has debts totalling R355.4 billion, most of it guaranteed by Government (in other words, taxpayers).

To put that into perspective – Government borrowed, in total, R254 billion in the last financial year.

However, all of a sudden, there is hope, with a new board in place.

Commentators refer to the new Eskom board as “genuinely excellent".

Headlines describe its new Chairperson, Jabu Mabuza, as “a man of impeachable integrity”.

The Money Show’s Bruce Whitfield interviewed Intellidex Executive Chairperson Stuart Theobald.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

R355 billion is 25% of South Africa’s entire annual budget.

Bruce Whitfield

Half of Eskom’s balance sheet is debt.

Stuart Theobald, Intellidex

Eskom has huge efficiency problems… the cost of generating is shooting up…

Stuart Theobald, Intellidex

…Eskom is a monopoly… there’s only Nersa to keep [electricity price hikes] under control…

Stuart Theobald, Intellidex

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