Matshela Koko Eskom

Photo by Gallo Images / Mail & Guardian / Madelene Cronjé

Ex-Eskom CEO Matshela Koko could lose R1.6 million vehicle

Former Eskom CEO Matshela Koko made several millions from the power utility, but has reportedly been struggling to make car payments

Matshela Koko Eskom

Photo by Gallo Images / Mail & Guardian / Madelene Cronjé

Former Eskom CEO Matshela Koko is seemingly going through a rough period as he could soon be confronted by the repo man for his expensive car. Koko raked several millions working as an executive at the embattled power utility, but now cannot afford to keep the vehicle.

ALSO READ: Eskom slap Matshela Koko and former executives with huge corruption bill

STANDARD BANK WANTS KOKO’S LEXUS

According to Sunday World, Standard Bank applied for a court order at the Johannesburg High Court last week to force Matshela Koko to return his R1.6-million vehicle as he has been struggling to keep up with the monthly instalments.

The banking giant reportedly gave Koko a loan in January 2017 to acquire a 2017 Lexus LX 570 V8. The total costs of the loan is R2.4 million and Koko was expected to fork out R28 000 for 72 months.

By June 2022, Koko was reportedly already more than R200 000 in the red and had been asked to pay the arrears and keep his account up to date, however he has failed to make payments. Standard Bank has also asked the court to grant it leave to apply for damages against Koko if  found that the vehicle has lost its market value after returning it.

“The defendant has failed to make payment of the full monthly instalment amounts due under the agreement and was consequently in breach of the agreement,” the court papers read.

Koko recently signed a a power purchasing agreement with the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to develop the neighbouring country’s solar power plant.

“Matshela Energy is pleased to announce that the power purchase agreement between the Zimbabwe Electricity Transmission and Distribution Company and Matshela Energy (PTY) Limited for the 100 MW solar PV power plant has been concluded,” said Koko.

It isn’t clear just how much his company will make from the deal, but he might just manage to avoid losing his vehicle.