"After Glencore sold Optimum to the Guptas, Eskom reduced the R2.1 billion fine"

The Business Day says it is in possession of documents which show how Eskom almost completely slashed a massive fine it was going to impose on Optimum coal mine.

The newspaper says the parastatal had planned to fine the mine R2.1 billion for non-performance and now will only fine it a tenth of that after the Gupta’s bought the mine from Glencore.

Deputy Editor of the Financial Mail, Sikonathi Mantshantsha has more on the story.

Between May 2012 and May 2015 Eskom had a dispute with its supplier which was then owned by Glencore the commodities trader, the company Optimum Coal was supplying to Eskom.

Sikonathi Mantshantsha, Deputy Editor Financial Mail

According to Mantshantsha, Eskom allegedly said it was not good quality coal, and therefore fined the mine R2.1 billion, but then agreed to a lesser settlement.

After Glencore sold Optimum to the Guptas.... miraculously Eskom was again willing to talk about reducing the fine to R500 million.

Sikonathi Mantshantsha, Deputy Editor Financial Mail

I asked the minister of enterprises what this decision was based on, when I put the figure to the minister and Eksom they did not deny it.... I asked the minister to make the agreement public so we can see how the decision was made. My sources had already given me the document and Eskom said they are still finding a way to get out of a legal confidentiality clause.

Sikonathi Mantshantsha, Deputy Editor Financial Mail

Click on the link below to listen to the full audio...


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