WATCH: Eskom exempted from disclosing financial losses [Video]

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SUMMARY:

The National Treasury has explained why Eskom was exempted from disclosing irregular and fruitless expenditure. Finance Minister Enoch Godongwana exempted the embattled power utility from Section 55(2)(b)(i) of the Public Finance Management Act (PFMA) for the last financial year and the next two years, as per the gazette published on 31 March. In a statement, National Treasury explained that having irregular, fruitless and wasteful expenditure on annual financial statements may put further pressure on the public purse.

National Treasury also emphasised that Eskom is still bound to other strict financial reporting requirements including those of the International Financial Accounting Standards (IFRS), the JSE Debt Listing Requirements and reporting obligations to parliament and oversight structures that arose as a result of Eskom’s debt relief arrangement.

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NEWS IN A MINUTE ON: TREASURY BREAKS SILENCE OVER ESKOM EXEMPTION

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