Eskom Spared From Irregular Spending Reports to Help Rating (1) – Bloomberg Tax

By Antony Sguazzin
South Africa will exempt its beleaguered power utility from having to report irregular spending for three years in its financial statements to avoid harming the company’s credit rating.
In a letter to Eskom Holdings SOC Ltd.’s Chairman Mpho Makwana, Finance Minister Enoch Godongwana said the utility will still need to report losses arising because of criminal conduct and disciplinary measures related to wasteful expenditure in its annual report. Hid decision was initially disclosed in the Government Gazette on March 31.
Exempting the company from reporting those costs in its financial statements may reduce the risk of a qualified …
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