Deputy Speaker, I rise to represent the ACDP in this debate with a sense of outrage at the situation at Eskom. Fifteen years ago, Eskom was one of the best power utilities in the world. It had a better credit rating than the sovereign rating. It had reserves of between R20 and R40 billion. It is therefore deeply disturbing that it suffered an unprecedented loss of R21 billion this past year.
Also, it has to borrow increasing amounts merely to service R450 billion debts. It is financially bankrupt. How they indebted end up in this situation? The ACDP was an active participant in the Eskom oversight inquiry in the Fifth Parliament, where rampant fraud, corruption and state capture were uncovered, largely facilitated by the Zuma administration. Further evidence of this is been heard before the Zondo Commission.
Sadly, very little action has been taken against the criminals involved. Instead, those brave members, including the ANC members, who exposed the corruption, the Inquiry Chairperson, hon Dorothy Rantho, and others whose lives were threatened during that inquiry have been sidelined and were not re-elected to this Parliament. Those implicated, many of them were re-elected and occupy many seats in this very House.
The pushback against those trying to fight state capture and corruption continues unabated. This is the reason of my outrage, and the question is: How can we justify this additional expense? Where is the political accountability? Why does no one stand up from the Majority Party and say that you accept the responsibility for the state of affairs?
Also, we know other reasons why Eskom finds itself in this crisis, are the cost overruns at Medupi and Kusile, the bloated and expensive workforce, the coal procurement strategy, and of course, the failure to collect debt that is due to Eskom. Where is the political will to collect that debt? Eskom's financial predicament is entirely of
its own doing, aided and abetted by ANC-politically linked Ministers who ensured that complaint boards were put in place to serve the interests of a corrupt few, and in particular, the Guptas.
Now, the taxpayer is asked to fork out tens of billions of rands with the spectre of load shedding and a sovereign credit downgrade looming. How can this be justifiable? No wonder there is outrage amongst the members of the public. Deputy Speaker, the ACDP proposes that a special ad hoc committee must be set up to exercise oversight over Eskom.
Public Enterprises does its best, but we cannot look to Transnet, Denel, SA Airways, SAA, whereas Eskom of itself needs an ad hoc committee to ensure that the conditions for this bailout are complied with. I thank you.
IsiXhosa: