Eskom is overstaffed by 66% and the average salary is more than R700 000 a year according to the World Bank. We know this because utility companies produce the same products and their costs and efficiencies can be compared. One can, for instance, work out how many units of electricity are produced and sold for every staff member. The World Bank had a go at this one too and found a similar utility in India which produces about 40 times as much electricity per employee as Eskom does.
In an incredible turn of events, and following the implosion of the Steinhoff share price amid allegations that its previous CEO, Markus Jooste, had been manipulating the company’s financial statements, Moneyweb can reveal that Steinhoff bought a high-end luxury apartment block jointly owned by Markus Jooste and Investec director Bernard Kantor, late last year.