SAICA chief exec Freeman Nomvalo appointed as Eskom CRO

Eskom has appointed South African Institute of Chartered Accountants CEO Freeman Nomvalo as Chief Restructuring Officer, the power utility announced on Tuesday.

Public Enterprises Minister Pravin Gordhan says he has been seconded from SAICA to take over the role. Gordhan said he would be tasked with among other things "optimising eskom debt".

The announcement was made at an Eskom earnings report briefing in Johannesburg. 

One of the CRO's key roles will be overseeing the unbundling of the debt-laden power utility into three entities – generation, distribution and transmission. He will work with Eskom's board and management to carry out the recommendations of the Presidential Task Team, appointed in 2018 last to advise government on interventions to save Eskom, including how best to fund the debt-laden utility. 

Eskom, which has a debt burden of about R440bn, has been allocated R23bn for operational expenses in the current financial year.

On Tuesday last week, meanwhile, Finance Minister Tito Mboweni tabled a special appropriations bill to grant it an allocation of R59bn over the next two years. 

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
16.87
-1.3%
Rand - Pound
20.13
-0.3%
Rand - Euro
17.02
-0.4%
Rand - Aus dollar
11.67
-1.0%
Rand - Yen
0.12
-0.6%
Gold
1,759.58
-0.1%
Silver
19.57
-1.2%
Palladium
2,160.71
+0.8%
Platinum
915.51
-1.5%
Brent Crude
93.65
+1.4%
Top 40
64,184
+0.0%
All Share
71,011
+0.1%
Resource 10
63,890
+1.0%
Industrial 25
86,864
-0.7%
Financial 15
16,201
+0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders