Ex-CEO of South Africa’s Eskom: Conservative Estimate of $55 million in Monthly Theft.

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Andre de Ruyter, the former CEO of South Africa’s state-owned power company Eskom, claimed on that his earlier estimate that the company was losing 1 billion rand ($55 million) each month to theft was conservative.

After making broad accusations of corruption against Eskom and South Africa’s ruling African National Congress party in an interview with local news station eNCA in February, De Ruyter made the remarks in a report to the parliament’s Standing Committee on Public Accounts (SCOPA).

Eskom stated shortly after the interview’s airing that de Ruyter will resign as CEO immediately, one month before he was scheduled to do so in March. The faltering utility is unable to supply South Africa with enough electricity at the moment.

Reuters.

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