Companies / Mining Treasury swoops on Eskom cash paid to Guptas' Tegeta The Treasury says there is no evidence the company used the money to buy equipment for its mining operations BL PREMIUM

The Treasury wants the R659m Eskom paid to Gupta company Tegeta to be converted into a loan with interest payable as there is no evidence that Tegeta used the money to buy equipment for its mining operations. The fiscus also wants the prepayment to be declared irregular expenditure and Eskom investigated for failure to prevent irregular and fruitless and wasteful expenditure. The interest payable, which would be determined by an auditing firm appointed by the Treasury in consultation with the accounting authority, would be recovered from either Tegeta or the relevant Eskom officials. Treasury acting chief procurement officer Schalk Human, who signed off on the draft report, also noted in it that former Eskom CEO Brian Molefe may have misled the fiscus when he gave written assurance in August 2016 that coal procured from Tegeta met all of the power utility’s requirements. If you are already a subscriber, please click on the following link below to go to the full article: Tegeta advan...