11/07/2017 12:11 SAST | Updated 11/07/2017 12:20 SAST

Eskom Postpones Releasing Its Financial Results -- But Why?

What do "unforeseen circumstances" mean?

Mike Hutchings / Reuters

Eskom announced it was postponing releasing its annual financial results on Monday night at the last minute.

It said the delay was due to "unforeseen circumstances" but gave no further reasons. Reports say Eskom auditors highlighted red flags about reporting irregularities over which Eskom's former acting chief executive Matshela Koko may be facing disciplinary charges.

The Mail and Guardian revealed that auditors SizweNtsalubaGobodo had reported both Eskom and Transnet to the authorities, including the Hawks, due to alleged "reportable irregularities" in their financial statements.

The problems raised by auditors are also reportedly linked to contracts awarded to a firm linked to the stepdaughter of Koko. Former CEO Brain Molefe's on again off again appointment at Eskom has also raised alarm.

Reactions to Eskom's indefinite postponement of its results have further damaged public opinion of the state owned entity, according to reaction on social media.

Bruce Whitfield

Victor Dlamini

Nomaxabiso Majokweni


Eskom is yet to announcement when the results will be presented.