Tegeta wants out of Eskom deal

It is unclear if Eskom will hold Tegeta to its's contract to continue with coal supplies until it finds another alternative.

Public Protector, Thuli Madonsela, said Eskom's transactions with Gupta-owned Tegeta were illegal in her State of Capture report released last week.

EWN reporter Gia Nicolaides explained that this deal came into effect last year after Glencor - which was in financial trouble - approached Eskom wanting to increase the price of coal to R500 per ton.

Eskom said no and and then began scavenging for coal when South Africa was on the brink of load shedding. Tegeta was chosen and Eskom said the deal was above board along with a pre payment deal where the power utility paid upfront for the coal and the monies have since been paid back. Madonsela called this deal illegal.

Gia Nicolaides, EWN reporter

Tegeta now wants to pull out and we don't know why. They have said that Oakbay's (holding company) broader strategy is to reduce shareholding in various companies.

Gia Nicolaides, EWN reporter

Nicolaides spoke to Ray White (standing in for Stephen Grootes) about Eskom, it's CEO Brian Molefe and Minister of Mineral Resources, Mosebenzi Zwane's intentions of taking the State of Capture report on review and how President Zuma is responsible for appointing an enquiry as per the report. Listen here:

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