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:

Read More
"Kidnapped" KZN baby in care of social development, mum to appear in court

"Kidnapped" KZN baby in care of social development, mum to appear in court

The biological mother of a one-month old baby is expected to appear on the Durban magistrates court later on Monday.

SA's competitiveness hit by car shipping syndicates

SA's competitiveness hit by car shipping syndicates

Competition Commissioner looks at the collusion happening in SA among car shipping liners with Kieno Kammies.

Eskom disputes Madonsela's findings

Eskom disputes Madonsela's findings

Day two of Eskom's press conference is underway in Johannesburg responding to Madonsela's findings in state capture report.

Molefe makes light of evidence of Gupta visits ('There's a shebeen there…')

Molefe makes light of evidence of Gupta visits ('There's a shebeen there…')

The Money Show’s Bruce Whitfield interviews EWN's Gia Nicolaides about the Eskom CEO’s response to the state capture report.

Gupta, Eskom dealings uncovered

Gupta, Eskom dealings uncovered

Public Protector's report states that Eskom might have repeatedly broken the law to accommodate the Gupta family-owned businesses.

Molefe slams Madonsela for not allowing him to explain state capture allegations

Molefe slams Madonsela for not allowing him to explain state capture allegations

Public Protector's report reveals that Eskom made certain deals with the Guptas to benefit the family's companies.

Popular articles
Money makes the world go 'round (but sex makes it spin!)

Money makes the world go 'round (but sex makes it spin!)

Bruce Whitfield interviews "Dr Eve" Wasserman about her attitude to money (hopes and fears, successes and failures, etc).

Earn peanuts? How to best invest very small amounts...

Earn peanuts? How to best invest very small amounts...

Got a spare R200 or R300 a month? Here’s how to make that money work hard and grow…

How Naspers paid peanuts for Tencent (China’s most valuable company)

How Naspers paid peanuts for Tencent (China’s most valuable company)

In 2001 Naspers invested $32 million in (then tiny) Tencent. Learn more about the wildly profitable Chinese behemoth...

Once homeless CEO Frank Magwegwe opens up about his money hopes and fears

Once homeless CEO Frank Magwegwe opens up about his money hopes and fears

What does the wealthy executive who once lived on streets, selling fruit, believe about money?

How to make your first million

How to make your first million

Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.

What does Phuti Mahanyele (Forbes Businesswoman of 2014) hope for... and fear?

What does Phuti Mahanyele (Forbes Businesswoman of 2014) hope for... and fear?

Each week Bruce Whitfield interviews a famous person about her or his attitude to money. Enter the powerful Phuti Mahanyele...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?