LEC Board Makes U-Turn on Acting Allowances, Reverts to 10% Ahead of Fresh Bailout Request

MASERU – The Lesotho Electricity Company (LEC) board has reversed its stance on executive acting allowances, cutting them back to 10 percent just months after defending payouts totalling M2.1 million per month. Acting CEO Ntsie Maphathe informed staff members of the decision earlier today, according to company insiders. The reversal comes as LEC prepares to approach Minister of Finance and Development Planning Dr Retselisitsoe Matlanyane for a fresh bailout estimated at over M200 million. This will be the second state rescue…Continue reading with a subscriptionSubscribe for full access to every story.Subscribe - M85/monthAlready a subscriber? Sign in Advertisement ...