NATIONAL NEWS - Eskom’s acquisition of Optimum Coal Holdings (OCH) by Tegeta Exploration and Resources was one of the major events which triggered the establishment of the Zondo Commission.
It was also a central focus of the Public Protector’s report ‘State of Capture’, released in October 2016.
The Public Protector (PP) found that the acquisition was pursued through unlawful means and funded almost entirely by proceeds of crime.
The commission came to the same finding, as outlined in Part VI Vol III of the Zondo Report (pages 80 to 95).
The ultimate beneficial owners of Tegeta were:
- The Guptas directly or indirectly held 65.13%
- Duduzane Zuma indirectly held 19.49%
- Salim Essa indirectly held 6.73%
- Ronica Ragavan indirectly held 6.49%
- Ashu Chawla and other Gupta employees indirectly held 2.16%.
The criminal project of acquiring OCM
The criminal shenanigans resorted to by puppets of the Guptas have already been described in the Eskom section of the Zondo report.
Very briefly:
Brian Molefe, seconded to Eskom in April 2015, “immediately set about scuppering advanced negotiations between Eskom and Glencore” over a penalty levied by Eskom.
Molefe and Eskom board chair Dr Ben Ngubane wanted to suspend all mining licences to Eskom.
Then-minister of mineral resources Ngoako Ramatlhodi refused, and in September 2015 former president Jacob Zuma replaced him with Mosebenzi Zwane.
Molefe also scuppered the sale of the Optimum Coal Mine (OCM) to the Phembani Group.
