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'Failure to suspend Singh would’ve plunged SA into financial crisis'

Speaking during a session on the woes of national carrier South African Airways (SAA), Gigaba reiterated that failure to suspend Singh would have put pressure on Treasury from lenders.

FILE: Finance Minister Malusi Gigaba. Picture: Christa Eybers/EWN.

CAPE TOWN - Finance Minister Malusi Gigaba says Eskom would have plunged the country into a financial crisis had it not suspended its chief financial officer Anoj Singh.

Gigaba told Parliament’s Finance Committee on Friday that failure to act would have perpetuated the low confidence investors have in the way the government manages state-owned entities.

Speaking during a session on the woes of national carrier South African Airways (SAA), Gigaba reiterated that failure to suspend Singh would have put pressure on Treasury from lenders.

“And this is the issue that we’ve been saying, that we all need, as shareholder representatives, to be alive… to be the height and focus on our state-owned companies. And we need for us to do the right things in terms of governance.”

Singh was suspended after leaked emails alluded to links between him and the controversial Gupta family.

(Edited by Zamangwane Shange)