Maroga to get R9 million worth of Eskom shares

2010-01-26 13:18

Around R9 million in Eskom shares previously awarded to the

parastatal’s former CEO Jacob Maroga will be transferred to him later this year

and early next year.

“This means that Maroga, despite having left the company last year

already, could still make R9?million out of the company if he decided to sell

the shares,” trade union Solidarity’s deputy general secretary Dirk Hermann said today.

According to research conducted by the trade union, Maroga will

receive 2.9 million shares on March 31 this year. “The shares were awarded to

him on April 1, 2007.”

A further four million shares awarded to him on April 1, 2008 will

be transferred to him on March 31, 2011.

Maroga received shares in Eskom worth more than R2?million last

year, despite his “poor management” of the company, Hermann said.

In addition, he received a salary of more than R5?million in


“This is more than double the salary of the country’s president and

more than three times the salary of the minister overseeing Eskom.

“In other words, Maroga has already made millions out of Eskom,

despite the fact that he led the company deeper into trouble.”

The trade union welcomed Eskom’s decision to oppose Maroga’s

compensation claim of more than R80?million, as reported in a weekend


“We are very concerned about the large salaries paid to the CEOs of

government institutions and parastals, while the CEOs in the private sector

often receive much smaller salaries, especially when a company performs


Solidarity said the government would have to take greater

responsibility to ensure poor management at government institutions was not

rewarded with big salaries.

Eskom could not comment immediately.

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