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South Africa’s Eskom Recovers $1.7 Million From Ex-CEO’s Pension
South Africa’s state-owned power utility Eskom Holdings SOC Ltd. has recovered 30 million rand ($1.7 million) that it paid six years ago to boost the pension of former Chief Executive Officer Brian Molefe.
The nation’s High Court in July reaffirmed a 2018 ruling that the payout to increase Molefe’s early-retirement benefit was unlawful, Eskom said in a statement on Twitter on Wednesday.
While the amount is unlikely to make a big difference to the finances of the utility that’s struggling to service its 396 billion rand debt, it’s a further blow to Molefe, who appeared in court last week on fraud charges stemming from his time as CEO of the nation’s state rail and ports operator. He was granted bail of 50,000 rand after his lawyer told the judge he was battling to make ends meet.
Molefe may also face further criminal charges after a judicial commission into state graft implicated him in wrongdoing at Eskom.
Read More @BNNBloomberg
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