Eskom: Optimum received R1,8bn prepayment on coal with Ramaphosa as board chairperson #Zondo
Two Eskom board members raised questions over the unusual deal which was eventually signed off by the utility’s CEO and CFO.
Two Eskom board members raised questions over the unusual deal which was eventually signed off by the utility’s CEO and CFO.
Global commodities giant Glencore stood little chance of retaining Optimum Coal Mine once project State Capture triggered a full-blown assault designed to wrestle the mine out of its hands.
State-owned power utility Eskom refused to renegotiate a coal deal with a mine owned by Glencore and tried to penalise it for supplying sub-standard fuel.
Eight Gupta-linked businesses filed for business rescue earlier this year. One of those businesses is the controversial Optimum Coal Mine.
Here we delve into the minister’s thinking. In italics, how he presented it to the nation—and in Roman type, what we really believe goes through his mind.
The 2008 Companies Act is a fine piece of legislation. Importantly amongst its numerous objectives, it seeks to protect shareholders and creditors from abuse by directors.
The resignation of Eskom CEO Brian Molefe who was followed shortly by Mark Pamensky shows something is happening behind the scenes. The momentum is growing and the tipping point is near.
For the Zupta combine, as with the corrupt ancient Babylonians to whom they have been compared, the writing is now very much on the wall.
A firm that’s almost half-owned by President Jacob Zuma’s son, Duduzane, obtained shares in a company founded by the Gupta family weeks before that firm bought Glencore’s Optimum coal complex in South Africa, share register documents show.
Oakbay Investments, the holding company for the Gupta family’s businesses in South Africa, has strongly denied all reports that the Gupta brothers are leaving South Africa and relocating to Dubai.