Gupta pal, Eskom CFO Anoj Singh, survives Tegeta scandal, for now

CAPE TOWN — Like our fearless leader whom sceptics believe he is beholden to, Eskom’s CFO Anoj Singh, has bought time to strategise his response to mounting speculation and circumstantial evidence that he is in the Gupta’s very deep pockets. Putting the best possible historic spin on Eskom’s financials at a press conference yesterday, he nevertheless was confronted by journalists and is now due for a fuller grilling before Parliament’s Standing Committee on Public Accounts next month. Hence the holding action, backed by Eskom’s board. Their banal, almost comfortable demeanour at the press conference yesterday belied Singh’s links to contracts irregularly awarded to Gupta-linked businesses, gifts he received from them and his allegedly annual Gupta-funded trips to Dubai around the time of the Gupta-linked Tegeta’s purchase of Optimum Mine. Like Msholozi, every pause brought to spin and weave more plausible deniability is pure gold for Zuptoids and their brethren. Yet, as we can see from the burgeoning anti-Zuptoid alliance and ongoing leaks, the net is closing and time is no longer their friend. Singh has under a month, Msholozi five, the ANC – unless Cyril Ramaphosa pulls a rabbit out of the hat – 17. It’s all going down to the wire. – Chris Bateman

By Yolandi Groenewald, Fin24

Johannesburg – Despite a cloud hanging over Eskom’s chief financial officer Anoj Singh, who is believed to have close connections to the Gupta family, the embattled executive has so far escaped any sanction from his employer.

This follows allegations that he was involved in irregularly awarding contracts to Gupta-linked businesses, while also receiving gifts from the controversial family.

Eskom chief financial officer Anoj Singh

Earlier this month Singh had to explain his questionable actions to the Eskom board, but seemingly acting chair Zethembe Khoza and the rest of the new board has been placated by his explanation. But on Wednesday he had a torrid time at the media briefing that unveiled Eskom annual financial results, with several journalists asking him to account about questionable Eskom deals.

Singh asked for space so that he could prepare an answer to the allegations that he faced. “It’s something that I’ve been dealing with in the past couple of weeks and I will certainly be in a position to bare documents in the next couple of weeks.”

His document would then be shared with the board, Public Enterprises Minister Lynne Brown and Parliament, including the portfolio committee on public accounts (Scopa).

Singh’s troubles are far from over though. The embattled CFO is sure to face a grilling from Parliament when he travels to Cape Town for the Parliamentary inquiry into Eskom with his “document” in hand. The much anticipated inquiry is set to start next month.

The Eskom CFO was roasted on Wednesday, having to field a number of questions from journalists about his trips to Dubai in 2014, 2015 and 2016, apparently all funded by the notorious Guptas.

In June, the Gupta leaked emails revealed that Singh stayed at the luxurious Oberoi hotel in December 2016, during a critical time when the business deal surrounding the Gupta-linked Tegeta’s purchase of the Optimum mine was being negotiated.

Singh later signed off on an prepayment from Eskom to Tegeta to buy coal, which essentially helped Tegeta fund the purchase of the mine.

Khoza explained that Singh only entered the fray after the prepayment was prepared at “generation-level” and taken to the board. The board’s finance subcommittee then apparently “requested” Singh to review the business case. He said Singh’s signature was merely needed as formality as he was the CFO.

https://twitter.com/PaulivW/status/887636760448118785

“It was not him who initiated the prepayment, it was business; and the submission was done at a business level. So, we saw no need for him to be affected at that particular level,” said Khoza.

Singh and former CEO Brian Molefe worked together at Transnet before Singh followed Molefe to Eskom. Several deals that Singh worked on at Transnet is also under investigation.

As a result of the revelations in the leaked emails, Singh was included in the corruption charges lodged by the Democratic Alliance.

Natasha Mazzone, DA spokesperson on public enterprises, said there are still a number of likely compromised individuals, including Singh, at the helm of Eskom who must be dealt with decisively.

She called for his immediate suspension, and an investigation for his involvement in the 72% discount Eskom gave the Guptas to acquire Optimum.

“Instead of being suspended and investigated, he has been rewarded with a bonus of R1.8 million for the year,” Mazzone said.

Singh’s bonus in trying times

Singh told journalists that he was “relatively comfortable with the value of the incentive bonus.

He defended his bonus, saying he had played a critical role in turning around Eskom’s precarious financial position of a few years back.

Cooling towers operate at the Hendrina power station, operated by Eskom Holdings SOC Ltd., in Middelburg, South Africa, on Wednesday, April 13, 2016. Creditors of Glencore’s Optimum Coal mine approved a plan to sell it to a company controlled by South African President Jacob Zuma’s son and the Gupta family on Friday, according to an administrator of the business-rescue team. Photographer: Waldo Swiegers/Bloomberg

Apart from his bonus, Singh also accumulated R522 000 in “other” payments in the year, relating “to telephone costs, security services and operating vehicle expenditure”. But the CFO said he was not aware of the details of these particular payments.

Mazzone said the DA looked forward to meeting Singh at the upcoming Parliamentary inquiry into Eskom to ensure that he is held to account.

Source: http://www.fin24.com/Economy/Eskom/eskoms-anoj-singh-sweating-it-out-20170719-2

(Visited 30 times, 1 visits today)