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Saica backs Freeman Nomvalo’s appointment as Eskom restructuring officer

The South African Institute of Chartered Accountants (Saica) said it understood the implication of a sovereign downgrade if the utility was not guided by responsible leadership.

Saica CEO Freeman Nomvalo. Picture: YouTube screengrab

JOHANNESBURG - The South African Institute of Chartered Accountants (Saica) said on Tuesday it had allowed its CEO Freeman Nomvalo to assist government with the restructuring of Eskom because it understood the implication of a sovereign downgrade if the utility was not guided by responsible leadership.

Public Enterprises Minister Pravin Gordhan announced that Nomvalo would take up the position of chief restructuring officer.

Gordhan also appointed Eskom board chairperson Jabu Mabuza as the power utility’s interim CEO for the next three months after Phakamani Hadebe quit.

Last week, ratings agency Fitch downgraded South Africa’s outlook to negative citing Eskom’s bailout of R26 billion for the next financial year.

Saica said it would assist the government with a program to reorganise the operational and funding structures to make Eskom profitable. The accounting body said it would be part of its nation-building initiative.

Saica said a team of appropriately qualified people would be sourced from its membership base and elsewhere. It said the project would be funded by the Department of Public Enterprises and National Treasury.

Saica also said it was under the impression that Nomvalo’s work on the project should be for about six months.