Ever wondered why privatization of state owned enterprises (SOE's) is considered the equivalent of contracting a horrible and incurable disease amongst the party elite of the ANC government? The answer is simple: SOE's are self-enrichment vehicles for the politically well-connected, their families and friends.
The Financial Mail recently published damning details from Denton's investigative report on Eskom and the prevalence of serious financial abuses within the state-owned entity. By way of example, Eskom paid R13.4m for R4.2m worth of coal. Who allegedly pocketed the difference? According to the report: Eskom executives, their families and friends.
Other than one organisation calling for a commission of inquiry the fallout thus far has been somewhat muted. Therein lies the problem: the electorate is so conditioned to government malfeasance that right from wrong has been relegated to the apathetical dustbin.
The Dentons report is a roadmap to prosecuting and convicting those responsible for looting Eskom. But, Eskom and other SOE's will remain a prime source for ill-gotten gains by corrupt individuals. It will remain so as SOE's are sacred cows who enjoy de facto exemption from criminal investigation. How else can these leeches maintain their high on the hog lifestyles?
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