Calib Cassim now Eskom's permanent CFO
After 16 months as acting CFO of Eskom, Calib Cassim has been permanently appointed.
After 16 months of acting as CFO of Eskom, Calib Cassim has been appointed permanently. This follows the suspension of Anoj Singh in September and his subsequent resignation in January, after allegations that he had been involved in irregularly awarding contracts to Gupta-linked businesses and receiving gifts and trips from the Gupta family.
Read more: CFO Awards received by Anoj Singh suspended
Calib will lead and oversee the power company’s strategy, as well as being the general manager for financial planning and economic regulation responsible for application for electricity prices to the National Energy Regulator of South Africa (Nersa).
Calib also presented Eskom’s interim results for the period ended 30 September on Wednesday saying that a turnaround of the company wouldn’t happen overnight and that their financial situation is only expected to improve by 2023. The company is faced with a massive debt of R400 billion, with debt servicing costs of R45 billion, while cash from operations is only almost R27 billion.
Calib also cautioned that South Africa will continue to face the risk of load shedding, as Eskom is experiencing coal shortages at 10 of its 15 coal-fired plants. The company will spend as much as R1 billion on diesel to run open cycle gap turbines to keep South Africa’s power on while it performed planned maintenance.