8chan/8kun QResearch SOUTH AFRICA Posts (1)
#13102435 at 2021-03-03 19:02:36 (UTC+1)
Q Research South Africa #3: State Inquiry Rebake Edition
"Eskom: Optimum received R1,8bn prepayment on coal with Ramaphosa as board chairperson #Zondo" | State Capturedated 9th December 2020 at https://www.biznews.com/energy/2020/12/09/optimum-eskom-prepayment. Below are a few excerpts.
In 2012, Cyril Ramaphosa was appointed chairperson and non-executive director of Optimum coal mine. Ramaphosa was the black economic empowerment partner for Glencore International which owned 67.77% in shares. Optimum is South Africa's sixth-largest coal producer and fourth-largest exporter of the commodity. It owns two operating mines, both located in Mpumalanga. While Ramaphosa disinvested from his business interests in order to avoid conflict of interest, the Zondo Commission has heard how Eskom arranged to pay R1,8bn to Optimum instead of Tegeta Resources. The latter was owned by the Guptas and set to take control of Optimum through a guarantee issued by Eskom. Later, evidence would emerge of how Glencore was strong-armed into selling Optimum to the Guptas - Bernice Maune.
Suzanne Daniels, the former head of legal and compliance at Eskom has told Judge Ray Zondo that Eskom approved a pre-payment of R1,8bn to Optimum coal mine. The payment was reviewed by all board members and signed off by then group CEO Matshela Koko and CFO Anoj Singh, both executives believed to have worked closely with the Guptas.
When questioned by evidence leader Adv Pule Seleke about the payments, Daniels said it was to be a direct payment to Optimum, which was owned by Glencore International. President Cyril Ramaphosa was the chairman of Optimum at the time and a BEE partner to Glencore through his Shanduka Resources company.
"In essence it was to prepay for coal to Optimum and not from Tegeta. This was a request to consider payment of R1,7bn upfront. for up to 1 year of coal supply," said Daniels.
Daniels also testified that:
- There were emails exchanged between Eric Wood, CEO of Regiments Capital (a consulting agency used by the Guptas and Salim Essa to facilitate government business)
- An email address from a portal registered under 'Business Man' was used to communicate with Matshela Koko, Singh and Daniels. This email address would issue instructions, review documents and send changes to agreements.
- The 'Business Man' email address made changes to the agreement for Optimum, instructing Wood
- Daniels denies she made amendments to the Optimum agreement and sent out drafts about this.
Last week, former Eskom group CEO Matshela Koko said he was axed from his position in 2018 because he had chased R1,4bn owed to Eskom by Optimum coal. He testified Ramaphosa had axed him to protect his interests in the mine.