Connect with us

Politics

Mauritius Opposition raises questions on Electricity Board’s ‘missing’ Rs20 billion

Published

on

Mauritius Opposition raises questions on Electricity Board's 'missing' Rs20 billion

The financial situation of Mauritius’ Central Electricity Board (CEB) continues to be under severe criticisms, especially on Rs20 billion in reserves held by the State-owned entity as of June 2020.

According to a document recently made public by Public Utilities and Energy Minister Joe Lesjongard, the CEB reportedly had Rs 10.8 billion in 2015, Rs 16.6 billion in 2016, Rs 19.6 billion in 2017, Rs 19.47 billion in 2018 and finally Rs 20.6 billion in 2019/2020.

The CEB is now facing a deficit of Rs 5 billion. It allegedly had to resort to an overdraft of Rs 5 billion to finance its expenses such as employees’ salaries, maintenance costs, acquisition of spare parts and heavy oil besides financing the PPIs.

Joe Lesjongard explained recently that the CEB is now losing Rs 600 million per month to justify the increase in electricity tariff from 19% to 29% to households and businesses.

“What happened to the Rs20 billion in CEB’s reserves?” Labour Party President and MP Patrick Assirvaden has been cited by Defi Media as asking. He also accused ex-Deputy PM Ivan Collendavelloo and PM Pravind Jugnauth of having “ruined the CEB”.

Assirvaden also revealed that the CEB created three subsidiaries (CEB Green Energy, CEB Fibernet and CEB Facilities) – which cost Rs1.2 billion. “None of these companies are really operational,” Assirvaden claimed.

“With the increase in the Repo Rate, the price of fuel and now this increase in the price of electricity, consumers should expect to face major sufferings in the weeks and months to come,” he warned.

Source: Defi Media

Bookmark (0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.