Six months ago, South African President Cyril Ramaphosa said the country’s indebted power utility would be split in three, it would get new leadership and its debt wouldn’t become a burden on the nation’s finances. Instead, an initial bailout has been increased by R59-billion, no plan has been announced to restructure the overstaffed company and the finance minister says government borrowing will surge and taxes may rise. The government has yet to appoint a new chief executive office and a chief restructuring officer, first promised in a national address by Ramaphosa on June 20.
