Zesa owes Eskom R74 million

Zesa owes Eskom R74 million

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By Agencies

THE total liability of the Zimbabwe Electricity Supply Company (Zesco) to South Africa's power utility Eskom stood at 74 million rand as at September 21, says Public Enterprises Minister Alec Erwin.

Replying in Parliament to a written question from official opposition Democratic Alliance Member of Parliament Ian Davidson, the minister said the debt was nominated in rands.

"The debt is secured with a debt repayment agreement of the ZAR (South African rand) equivalent of US$1.5 million per month," he told Davidson.

Asked whether these arrangements included the capitalisation of the debt into an equity stake in Zesco by Eskom, and what Zesco's current market capitalisation was and at what stage such arrangements would come into effect, Erwin said this was not applicable.
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