JOHANNESBURG - The National Union of Mineworkers president Joseph Montisetse says Eskom's financial problems are so severe that the utility now has to borrow money from the Chinese Development Bank.
On Sunday, the City Press reported that the NUM was told by President Cyril Ramaphosa there was a possibility that the utility would not be able to pay salaries next month. Last week, NUM leaders met with Ramaphosa Energy Minister Jeff Radebe and Public Enterprises Minister Pravin Gordhan to discuss ways to rescue the parastatal.Montisetse said concerns were raised as Eskom wants to borrow more money to pay salaries.
“He emphasised Eskom’s debts are going to go up as Eskom continues to borrow more money to continue its business, and that there is no doubt that Eskom is hitting rock bottom in terms of its operational expenses.”
How many loans have been taken from China..this is scary..
Corrections. Chinese development bank to buy stake in eskom. Govenment bonds with conversion option. Electricity bill is about to shoot up
And hopefully the Chinese takeover when Eskom can't repay the loan. The Chinese have the skills and the expertise to run organizations successfully.
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