Eskom Agrees to Release Funds to Free State Defaulter

Eskom Holdings SOC Ltd. agreed to release some funds to a municipality in South Africa’s Free State province to help it cover running costs, after seizing its bank accounts earlier this week, Bloomberg News reported. The Maluti-a-Phofung Local Municipality owes 5.3 billion rand ($318 million) in unpaid electricity bills and must reach an agreement to service the debt and its current account by Aug. 7, Eskom said in a statement Saturday. The state-owned power utility will release 90 million rand from the municipality’s bank account to allow it to pay workers’ salaries and cover other costs, it said. Read more.