Outa 'cautiously optimistic' about PIC's Eskom loan

The Organisation Undoing Tax Abuse (Outa) is sceptical of a R5 billion loan granted to Eskom by the Public Investment Corporation (PIC).

Ben Theron‚ chief operating officer at Outa‚ said it had previously raised concerns about the PIC being used to fix problems created by “irresponsible management”.

“These investments held high risks and little chance of returns. However‚ Eskom is facing a crisis of mammoth proportions and need time and some funds to get back to even keel. It is with this in mind that Outa cautiously supports this intervention and that the board will do what is needed to make Eskom great again‚” Theron said.

Outa threw its weight behind the newly appointed Eskom board and said it was willing to lend its support to a Hawks investigation into state capture at the power utility.

“Together‚ we need to get to the root of the problem and in doing so map the path to rebuilding this once great institution to the powerhouse it can be‚” said Outa chief executive Wayne Duvenage.

“This is a critical step in identifying exactly how deep the rot is in Eskom and we trust that those involved in corrupt dealings will soon face justice. This investigation will be the first proper attempt to fix the very sick state utility.”