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South Africa’s ESKOM to receive $103 Million from Zurich’s ABB after embezzlement probe

South Africa’s power utility ESKOM is set to receive cash from various companies suspected of embezzlement.

The latest move involves $103 Million to be paid by the Zurich engineering group ABB.

The amount is coming as a result of over payments in the construction of coal-fired electricity plants.

The South Africa’s authorities are probing various companied believed to have swindled funds from the power utility Eskom.

Authorities are also pursuing 4 other companies in relation to various irregularities with the ESKOM

The company was embroiled in numerous financial scandals during the tenure of the former president Jacob Zuma.

The government estimates that more than 32.8b dollar was looted from the state, much of it from government firms while Zuma was in power.

President Cyril Ramaphosa came to power three years ago with a pledge to clamp down on state corruption that became rampant under former President Jacob Zuma’s nine-year rule.

Sourced from Africanews

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