Not happy with copious doses of bailout money, Eskom’s management is now targeting pension funds to feed its voracious appetite. It is now obvious that it has no desire to redress its imbalances and put the utility on a profitable path.
Refusing big business help to sort out its mess — a deliberate attempt to sabotage a once powerful supplier of power to the country and neighbours — certain elements within the hierarchy are hell-bent on broadening the liability of this parastatal, using the billions for other uses rather than narrowing its debt.
It is not poor management; it is a government that cannot address the problem of rampant graft in its own ranks. There is light at the end of the tunnel, but it is deliberately dimmed by a coterie that is holding the country to ransom.
No institution, private or otherwise, that was so profitable just eight years ago should be reporting such losses despite nearly half its income coming in the form of prepayments for power.
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