BusinessLive reports that public enterprises minister Pravin Gordhan on Tuesday appointed former treasury accountant-general Freeman Nomvalo as chief restructuring officer (CRO) of Eskom.
Nomvalo is currently CEO of the SA Institute of Chartered Accountants (Saica). He has previously worked closely with Gordhan, serving as one of the top treasury officials during Gordhan’s first stint as finance minister. Making the announcement, Gordhan said that it had been decided that “an office” rather than a single individual was required and that Nomvalo had been tasked with establishing that office. The CRO would report to him, the minister of finance and the Eskom board and will be responsible for all aspects of transforming the business from debt management and restructuring to the building of capacity at Eskom. A policy paper on the future of Eskom, which will outline how the proposed split into generation, transmission and generation would take place, is expected to be completed by mid-September. The government will then engage in consultations with labour and other stakeholders to develop “a sufficient consensus” on the future of the company.
- Read the full original of the above report by Carol Paton at BusinessLive
- See too, What we know about Freeman Nomvalo, Eskom’s new 'bad cop', at BusinessInsider
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