Eskom Finance Director Molefe Steps Down at South Africa Utility

Eskom Holdings SOC Ltd., the South African state-owned power utility that’s struggling to meet demand, said Finance Director Tsholofelo Molefe has agreed to leave on an “amicable basis” amid an investigation into operations.

“Both parties believe that the agreement to separate is in the best interest of Eskom to allow the board to pursue its plans for the company under the current leadership,” the Johannesburg-based company said in a statement Thursday. “The separation is also by no means in anticipation of the outcomes of the inquiry.”

Molefe and three other executives, including Chief Executive Officer Tshediso Matona, were suspended on March 12 amid an independent inquiry into Eskom’s cash-flow problems, delays in boosting generation and the underperformance of plants. Eskom supplies more than 95 percent of South Africa’s electricity and has imposed rolling power cuts almost every second day on average this year.

Matona agreed to resign May 18, a month after Brian Molefe, the CEO of state-owned ports and rail operator Transnet SOC Ltd., was appointed to act in Matona’s position.

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