On Thursday, South African power utility Eskom announced that the Board resolved to undertake a forensic and legal investigation following the allegations against Interim Group Executive, with immediate effect.
The acting Group CE, Matshela Koko, has been in the spotlight this past week for his stepdaughter’s company netting R1 billion ($74.8 million) in Eskom-awarded contracts.
Eskom Chairman, Dr Ben Ngubane, said: “The allegations in the public domain have a corrosive impact on the social standing of Eskom, as a brand, as well as its entire leadership.
“As Board, we have a constitutional mandate to probe these allegations, with a view to getting to the unassailable truth of the situation.”
According to Ngubane, Cliffe Dekker Hofmeyr has been instructed to conduct a forensic and legal investigation in respect of the various articles concerning the potential conflict of interest relating to Matshela Koko’s stepdaughter’s shareholding in Impulse International.
“The objective of the investigation,” Ngubane explained, “will be to ascertain whether the allegations can be corroborated and/or substantiated by evidence including real and/or documentary evidence.”
He added that Cliffe Dekker Hofmeyr will be appointing an independent auditing firm to assist with the forensic investigation. Read more…
“This process will facilitate a fitting response to our Shareholder Representative, the Honourable Minister Ms Lynne Brown, who has asked the Board to address the matter as swiftly as possible,” he stated.
Dr Ngubane said the Board did not interfere with the development of the scope of the investigation. “Instead, we decided to leave it to Cliffe Dekker Hofmeyr to craft it so as to facilitate, inter alia, effective scope consideration owing to their expertise.
“As Board, we will not hesitate to implement the resultant recommendations.”
According to the utility, he concluded that they (as Board) will always endeavour to act “decisively” in the best interest of the nation, in the face of various challenges they confront. Read more…