Eskom CEO Brian Molefe may still be in line for a bonus payout despite announcing his resignation earlier this month, according to a report in the Sunday Times.<\/p>\n
Molefe announced that he would step down from the state energy company at the end of 2016, following allegations contained in the Public Protector report into alleged state capture.<\/p>\n
The report implicated Molefe and Eskom in apparent corrupt behaviour in pre-paying Gupta-linked mining company, Tegeta Exploration, almost R1 billion for coal.<\/p>\n
The money paid by Eskom was used to buy Optimum coal mines from Glencore \u2013 a company which was allegedly bullied into selling the mine, by a Eskom not allowing it to renegotiate coal contracts, which were forcing Optimum to run at a loss.<\/p>\n
Molefe was implicated in the matter, with records showing 58 calls between him and Ajay Guptas during the period. Molefe has admitted that he is a very good friend of the Gutpas.<\/p>\n
However, he maintains that the Public Protector never afforded him an opportunity to give his version of events.<\/p>\n
According to the Sunday Times, Molefe’s R9.5 million bonus was due in June 2018 provided he met performance requirements.<\/p>\n
Molefe earned a total annual package of R8 million, having been appointed permanent CEO in September last year. He received a bonus of 7,502,880 in April last year, having joined the company in an acting CEO basis then.<\/p>\n
The Sunday Times said that Eskom’s policy states that executives forfeit their shares if they do not remain for the duration of the three-year period.<\/p>\n
It said that would have needed to meet financial targets, ensure business, and future power sustainability in order to receive his bonus.<\/p>\n
“Awards only vest if and to the extent that these targets are met.”<\/p>\n
Eskom’s mid-term results showed that the company’s revenue increased by 10.5% year-on-year to R97.1 billion; the accelerated maintenance programme improved plant availability from 71.23% to 78.50%; and the company had staved off load sheeding for approaching 500 days.<\/p>\n
Eskom told the Sunday Times that it had not discussed Molefe’s bonus.<\/p>\n