BREAKING | Eskom contractor ABB agrees to pay back R1.6bn for 'over-payments'

Construction company ABB SA has committed to pay back nearly R1.6bn to Eskom for "over-payments" made on contracts with the power utility.

The payment will be made within 14 days of the settlement agreement being signed.

Interim Eskom chairman Malegapuru Makgoba said this amount was subject to court approval.

“This is the beginning of the story of recovering money stolen through corrupt means,” said Makgoba.

The announcement was made at a joint briefing on Friday afternoon.

This is a developing story.