Former Eskom CFO Anoj Singh is on Wednesday expected to take the witness stand at the Commission of Inquiry into State Capture, chaired by Deputy Chief Justice Raymond Zondo, to give evidence related to the power utility.
Last year, Singh was stripped of his South African Institute of Chartered Accountants (Saica) membership, after being implicated in the dubious authorisation of payments to various service providers during his time as CFO of Eskom (2015–2016), Moneyweb reported.
Singh was charged with gross negligence, improper conduct, breaching the code of professional conduct and bringing the profession of accountancy into disrepute.
The institute relied on the following documentary evidence to consider the charges against Singh:
- The approval of irregular payments to McKinsey. However, Singh joined Eskom after McKinsey was appointed, and the charged were dropped.
- Singh approved substantial irregular payments to Trillion despite the fact that they had no employees and couldn’t provide any services: There was no contract between Eskom and Trillion, and invoices were sent by Trillion to Singh’s email address for approval.
- Singh approved the payment of a performance guarantee of R1.68 billion to Tegeta, and the advance of R659 million to Tegeta for the purchase of the Optimum Coal Mine.
Singh was found not guilty in regard to his improper relationship with the Guptas, who had paid for his travelling expenses, as the trips that took place before Singh joined Eskom.
Singh’s conduct at Transnet (where he was also CFO) and at Eskom “resulted in these public institutions suffering substantial financial prejudice”, according to Saica.
“The institute demands of its chartered accountants that they exercise not only due diligence and care but that they demonstrate objectivity and integrity in their professional conduct. Mr Singh regrettably did not adhere to these standards.”