Ricochet News

Transnet CFO off to Eskom

By Charl Bosch - Jul 16, 2015
Transnet CFO off to Eskom

Eskom has appointed Transnet Group Chief Financial Officer, Anoj Singh, as its new Acting Chief Financial Officer (CFO) for the next six months starting from August 1st.

The announcement comes after the struggling power utility yesterday announced that it had extended the contract of its Acting CEO and former Transnet boss, Brain Molefe, by a further three months.

“He will be primarily tasked with transforming the company’s finance function, aligning it with key strategic priorities of generation, funding and build programme, while enhancing the approach to tariff applications,” a joint statement from Eskom Chairperson Ben Ngubane, and his Transnet counterpart, Mboniso Sigonyela, read.

“Under Mr Singh’s leadership, Transnet has accessed funding from investors in Canada, United States, Germany and China, amongst others. Throughout his leadership, Transnet maintained an above investment grade rating while raising funds on the strength of its balance sheet”.

It also stated that Singh, who has been the state-owned freight and logistics parastatal’s CFO since 2009, would be responsible for taking control of Eskom’s finance strategy, which amongst others incudes a funding plan worth R250-billion.

“Mr Singh has extensive experience in financial strategy development and execution, capital projects assurance, treasury, corporate finance, investor relations, tax and funding for regulated businesses. He has won several accolades in recognition of his outstanding performance and leadership.

“The Board and everyone at Eskom welcome Mr Singh and thank him for accepting the challenge. He is guaranteed full support,” the statement ends.

It has since been reported that allegations of wrong doing against the four Board members suspended in March; ex-CEO Tshediso Matona, Finance Director Tsholofelo Molefe, Group Executive Dan Morokane, and Commercial and Technology Executive Matshela Koko, had been dropped after an independent inquiry reportedly acquitted them of taking the blame for Eskom’s failure to keep the lights on, as claimed by then Chairman Zola Tsotsi.

Matona, Molefe and Morokane resigned on “amicable basis” during May and June, while Tsotsi left in March amidst reports of conflict. No settlement was reported as having been reached between Eskom and Koko.