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Another Zuptoid bites the dust: Eskom finally suspends CFO Anoj Singh

JOHANNESBURG — Eskom’s highly compromised chief financial officer, Anoj Singh, has been suspended as Eskom launches a probe into questionable decisions he’s made for the company. Singh has become accustomed to seeing the inside of Dubai’s Oberoi Hotel, courtesy of the Guptas, but he’s going to have to start getting used to a less glamorous life as his decisions, particularly pertaining to Trillian Capital and his involvement in the controversial Tegeta deal, come under the spotlight. Last week, Eskom, at its results briefing, seemed to defend Singh. But a sea change happened this week when the Development Bank of South Africa reportedly threatened to pull the plug on a multi-billion rand loan unless Singh was dealt with.  Money clearly talks and it looks increasingly likely that Singh will join his mate, Brian ‘Papa’ Molefe, in the unemployment line. They may bump into former Eskom chair Ben (Baldwin) Ngubane there as well. One by one, the Zupta house of cards are falling. – Gareth van Zyl

Media statement from Eskom:

Eskom puts CFO on special leave, appoints interim replacement

Thursday, 27 July 2017: The Board of Directors of Eskom has taken a decision to grant Chief Financial Officer, Mr Anoj Singh, special leave pending an investigation.

Anoj Singh. Photo taken from Eskom’s website.

Mr Calib Cassim has been appointed Interim Chief Financial Officer. He is a registered Chartered Accountant, with 15 years of service at Eskom.

“We would also like to assure all stakeholders that the company is stable as evidenced by the recent financial results, and will continue delivering on its turnaround strategy,” said Acting Chairman, Zethembe Khoza.

Minister Brown notes the Board’s decision.

ENDS

Eskom CFO Anoj Singh suspended

By Yolandi Groenewald, Fin24

Johannesburg – Controversial Eskom Chief Financial Officer Anoj Singh has been suspended, reports indicated on Thursday afternoon.

He was suspended pending the outcome of a full investigation.

Singh’s suspension follows allegations that he was involved in irregularly awarding contracts to Gupta-linked businesses, while also receiving gifts from the controversial family.

On Thursday afternoon The Times reported that Singhwas suspended following an urgent intervention of Finance Minister Malusi Gigaba and Public Enterprise Minister Lynne Brown. This was after Eskom was threatened by the Development Bank of SA (DBSA) that it would retract its R15bn loan if no action is taken against Singh.

Eskom spokesperson Khulu Phasiwe referred Fin24 to the Eskom Board spokesperson Khulani Quoma, who said he would revert shortly on the matter. Phasiwe, however did not deny the suspension.

An electricity pylon stands beyond an Eskom sign at the entrance to the Grootvlei power station, operated by Eskom Holdings SOC Ltd., in Grootvlei, South Africa. Photographer: Dean Hutton/Bloomberg

Brown’s spokesperson Colin Cruywagen also referred queries to Quoma, saying suspensions were an operational matter.

Earlier this month Singh had to explain his questionable actions to the Eskom board, but seemingly acting chair Zethembe Khoza and the rest of the new board has been placated by his explanation. But last week Wednesday he had a torrid time at the media briefing where Eskom unveiled its annual financial results, with several journalists asking him to account forquestionable Eskom deals.

But Khoza said Eskom tried to be fair to its employees and that Singh acted within good business principles.

At the release of Eskom’s financial results Singh asked for space so that he could prepare an answer to the allegations that he faced. “It’s something that I’ve been dealing with in the past couple of weeks and I will certainly be in a position to bare documents in the next couple of weeks.”

His document would then be shared with the board, Brown and Parliament, including the portfolio committee on public accounts (Scopa).

Source: http://www.fin24.com/Economy/Eskom/breaking-eskoms-anoj-singh-reportedly-suspended-20170727

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