SAICA CEO Freeman Nomvalo and a team of specialists will establish the chief restructuring office at Eskom.
The South African Institute of Chartered Accountants (SAICA) has announced that the SAICA board has agreed to assist the government with the restructuring of Eskom through the establishment of the Chief Restructuring Office.
SAICA will put together a team of specialists lead by its CEO Freeman Nomvalo after the Minister of Public Enterprises Pravin Gordhan and the Minister of Finance Tito Mboweni requested the institute’s assistance on behalf of the government.
In a statement, SAICA said that its board agreed to the request based on the importance to South Africa and its economy to avoid a possible downgrade at Eskom, “which is likely to result in a sovereign downgrade if the Eskom restructuring is not urgently guided by responsible leadership”.
SAICA stated that it will be assisting the government with a programme aimed at reorganising the operational and funding structures of Eskom for the purpose of making it profitable while at the same time meeting the country’s energy needs. This project will be part of SAICA’s Nation Building initiative and a team of appropriately qualified resources will be sourced by SAICA from its membership base and elsewhere as appropriate. The project, which is currently estimated to conclude within a period of six months, will be led by the SAICA CEO. The resources SAICA secures will be funded by the Department of Public Enterprises and National Treasury.
“This appointment once again demonstrates the standing and importance of SAICA and the chartered accountancy profession in the achievement of sustainable economic development in South Africa,” the statement read.
