BREAKING: BRIAN MOLEFE IS NO LONGER THE CEO OF ESKOM

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Cape Town – Brian Molefe is no longer the group chief executive of Eskom, the power utility announced on Friday. Molefe will also no longer serve as a director on the board of Eskom.

Molefe agreed to return to Eskom after Public Enterprises Minister Lynne Brown discovered he had been granted a R30m early pension payout by Eskom, which she refused to condone.

She asked the board to find another solution, and his reinstatement was the result of this. Brown said this was a better value proposition for the South African fiscus.

However, following a backlash from the ANC, the Democratic Alliance and the Economic Freedom Fighters,  an inter-ministerial committee concluded that Brown should order the Eskom board to rescind Molefe’s reappointment.

When Brown ordered the Eskom board to rescind the Molefe’s reappointment, she also asked it to provide her with two names from the Eskom executive to become acting chief executive.

The Eskom board on Friday morning executed Brown’s directive.

“In giving effect to and on the basis of the Minister’s directive contained in the letter dated 31 May 2017, it was resolved that the resolution of the Board of Directors taken on 02 May 2017 is rescinded,” said Eskom in a statement.

“Furthermore, it was resolved that the reinstatement agreement concluded between Mr. Molefe and Eskom on 11 May 2017 be rescinded.”

The legal bid by the DA and EFF to have Molefe’s reappointment overturned was set to be heard in the North Gauteng High Court on June 6 and 7.

SOURCE: http://www.fin24.com/Economy/Eskom/eskom-board-gives-effect-to-browns-directive-on-molefe-20170602