Eskom’s board of directors yesterday suspended CFO Anoj Singh (pictured) after the state-owned entity received threats from lenders saying that they would recall their loans if no action was taken. Allegations of corruption at the power utility recently implicated the CFO as the ongoing ‘Gupta leaks’ scandal plays out.
Among those concerned was the Development Bank of Southern Africa (DBSA), which threatened to recall a loan to the value of R15 billion, as the conditions of the loan included that Eskom maintain a clean audit. Eskom recently received a qualified audit that included R3 billion in unauthorised expenditure, as well as two reportable irregularities, related to possible corruption by directors.
A forensic investigation to determine Singh's involvement in the crisis at Eskom will follow the suspension.
