Eskom borrows R33.4 billion from China (backed fully by you, the taxpayer)

Kabous le Roux 25 July 2018

The Money Show’s Bruce Whitfield interviews Dr Iraj Abedian, CEO at Pan-African Investments and Research Services.

"Typically, the Chinese have a geopolitical approach… it could well be a package of Ts and Cs…," says Abedian.

"This is invaluable… provided Eskom uses this to turn the business around… Eskom has zero margin for either business mistakes or any kind of misconduct that we have seen in the past."

Eskom will borrow R33.4 billion rand from China Development Bank. The loan is fully Government-backed.

Workers must not pay price for Eskom’s mismanagement – SAFTU
Patrick Craven 7 June 2018

Eskom has been brought to the brink of bankruptcy as a result of appalling levels of corruption, mismanagement and waste. It has been looted by corrupt criminals and run up massive debts.

The new board ought be pursuing those responsible for plundering Eskom’s resources and suing them to retrieve the stolen money. Instead they are now trying to force their workers to pay the price for these people’s own criminality and incompetence by launching a ferocious triple attack on workers’ living standards and jobs.

They are demanding that the workers accept:
A zero percent wage offer, which in real terms means a wage cut
The loss of over 10 000 jobs
The privatisation of electricity generation to independent power producers

This is nothing less than a declaration war on the workers! There were even Nyala armoured vehicles parked at the venue of the Bargaining Council and private security staff all over the vicinity.