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Eskom postpones release of financial results indefinitely

The power producer made the announcement late last night, just hours before it was supposed to release the figures.

FILE: Eskom building. Picture: EWN

CAPE TOWN – Eskom says that the release of its financial results have been postponed indefinitely.

The power producer made the announcement late last night, just hours before it was supposed to release the figures.

The move comes on the back of reports that Eskom’s former acting chief executive Matshela Koko may be facing disciplinary charges over irregularities at the utility.

Eskom’s Khulu Pasiwe says: “The fact that there were those irregularities is a worry but all I’m saying is that that’s not the reason why the results were postponed. It’s all about engaging with the stakeholders.”

ESKOM PENS R19.6BN LOAN DEAL WITH CHINA

Eskom last week signed a R19.6 billion ($1.5 billion) loan agreement with China Development Bank to finance the Medupi coal power plant, its acting chief executive said.

"The conclusion of this second loan agreement continues to demonstrate financial market confidence in Eskom and South Africa notwithstanding the challenging market conditions," Eskom's Johnny Dladla told reporters at the signing ceremony.

Eskom's chief financial officer Anoj Singh said the Chinese loan would be paid back over 15 years. He expected Eskom's debt to peak at R500 billion, up from R300 billion currently.

Additional reporting by Reuters.