Business Lead South Africa

CEOs tell Ramaphosa of serious challenges plaguing govt companies

PRETORIA, June 6 – Chief executive officers of state-owned companies (SOCs) on Wednesday detailed a number of concerns about the legal and regulatory environment within which SOCs operate, which are often ill-suited to the specific needs of entities and constrain innovation, the Presidency said. President Cyril Ramaphosa met with chief executives of over 20 key state-owned […]

In The News South Africa

Suspended Eskom exec Masango cleared of charges; to return to work

JOHANNESBURG, April 24 – Suspended Eskom executive for group capital Abram Masango has been cleared of the charges which were levelled against him, the power utility said in a statement on Tuesday. Eskom said that Tim Bruinders SC, who was appointed to chair a disciplinary hearing convened to consider disciplinary charges levelled against Masango, had found […]

In The News South Africa

Eskom notes Fitch ratings downgrade, vows to implement turn around strategy

JOHANNESBURG, January 31 – South Africa’s power utility Eskom on Wednesday said that it “noted” the decision by Fitch Ratings Agency to downgrade its long-term local currency Issuer Default Rating (IDR) and unguaranteed local currency senior unsecured ratings to ‘BB-‘ from of ‘BB+’ and maintained the ratings on Rating Watch Negative (RWN). Eskom interim group chief executive, Phakamani […]

In The News South Africa

ANC welcomes appointment of new Eskom CEO and board chair and Koko and Singh’s removal

PRETORIA, January 21 – The African National Congress has welcomed the decisive action taken by government to speedily intervene to address the problems plaguing state energy utility Eskom. Far reaching measures intended to improve governance as well as restore the integrity of the state-owned enterprise (SoE) were announced by Deputy President Cyril Ramaphosa on Saturday. […]