Lesotho: Power Imports Plunge LEC Into Financial Woes

The Lesotho Electricity Company (LEC) is in financial difficulties due to the high costs of importing electricity from South Africa and because of huge debts it owes to service providers.

But the parastatal has dismissed as false reports that it had already gone to the government cap in hand, begging for a M100 million bailout.

Nonetheless, so dire is its financial situation that it has no funds to pay employees’ annual bonuses which are due at the end of this month.

The LEC has therefore agreed…

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