Singh’s R25 billion Chinese loan for Eskom could be tip of iceberg
5 February 2019
Today, I have been attending the State Capture Inquiry which is looking into Eskom and the grand scale corruption and maladministration within the entity. The revelations in this commission prove that the ANC has singlehandedly plunged Eskom into financial crisis which South Africans will have to pay for.
Eskom, as is well-known by now, is struggling under a massive debt burden of R419 billion, declining revenue, aging plants and maintenance backlogs.
The inquiry into state capture this week has revealed how Eskom contravened its own internal processes when it accepted a dubious $2bn loan agreement from Chinese-based business Huarong Energy Africa.
The whole situation points to a shroud of secrecy that has covered the terms and conditions that were linked to the commercial loans within Eskom. We have asked parliamentary questions and submitted PAIAs to lift this veil of secrecy, with little success to date. This revelation proves to us that Singh’s attempt to slip through the R25 billion contract could be the tip of the iceberg.