South Africa: Eskom in the red

Eskom, a South African energy company, posted a loss of 2.3 billion rand, or 171 million dollars for fiscal year 2017/2018.
“The poor results have been exacerbated by allegations of corruption, mismanagement, mal-governance and loss of investor confidence,” said Phakamani Hadebe, chief executive officer of the company, which disclosed the news on July 23, 2018, at a news conference. briefing.
Indeed, Eskom was involved in corruption scandals under former president Jacob Zuma, and narrowly avoided a liquidity crisis earlier this year, after the banks stopped lending.
The company says it is “in talks with the government to examine the cash-strapped workforce to boost productivity.” And to emphasize “the enormity of the task that falls to President Cyril Ramaphosa, who is committed to its recovery.”
It should be noted that the South African power generation and distribution company was founded in 1923 by the Electricity Supply Commission.