The SAICA Board has agreed to a request from the Minister of Public Enterprises, Pravin Gordhan, and the Minister of Finance, Tito Mboweni, for SAICA to assist Government with the restructuring of its Eskom business through the establishment of the office of the Chief Restructuring Officer. SAICA will put together a team of specialists lead by SAICA’s CEO, Freeman Nomvalo. Contrary to media reports, Freeman has not been seconded to Eskom and will not be leaving SAICA.
The SAICA Board agreed to the request based on the importance to South Africa and
its economy to avoid a possible downgrade at Eskom, which is likely to result in the sovereign downgrade if the Eskom restructuring is not urgently guided by responsible leadership.