ABB reached a settlement with Eskom and the SIU in South Africa

Create Date: 2024-8-30 12:03:23|Source: ABB

After a series of negotiations, ABB is pleased to announce that ABB South Africa has reached a full and final settlement with Eskom and the South Africa Special Investigation Unit (SIU) regarding improper payments and other compliance issues voluntarily disclosed in its Kusile project.

As part of the settlement, ABB will pay Eskom approximately US$104 million or R1.56 billion South Africa, and the parties will mutually release each other from any and all claims related to the control and instrumentation contract and its change orders related to Units 1 and 2 in Cousil.

Most of the payments have been recognized in ABB's financial statements over the past 15 months. In the fourth quarter of 2020, operating EBITA will have an additional impact of approximately $30 million and a negative cash flow impact related to the settlement will be approximately $110 million.

In addition, ABB will continue to cooperate fully with the South Africa national prosecution and United States, Germany and Switzerland authorities in the review of the Kusile Project. ABB intends to expeditiously conclude all relevant pending proceedings globally, the impact of which cannot be estimated at this time.

ABB will continue to serve South Africa as an integrity-minded corporate citizen, contributing to a reliable power supply and committed to completing the Kusile project in accordance with its contractual obligations.

ABB reached a settlement with Eskom and the SIU in South Africa

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