Eskom’s multi-billion-rand financial misstatement

[BusinessTech]

Eskom’s multi-billion-rand financial misstatement

Eskom’s financial statements received a qualified audit opinion related to R16.3 billion that Eskom reported as “savings from turnaround strategies”.

 

[Johnatan56]

R16.3bn claimed
- R2.9bn from ten initiatives overstated
- R3.4bn from seven other overstated
- R1.4bn from contract negotiations/once-off never occurred
= 16.3 - 7.7 = R8.6bn "profit" (including bail-out).

 

[porchrat]

They bought 3 less brooms this year.