Pillay said the signing of the agreement would have committed Eskom to R260 million in fee payments to Huarong before the company even carried out any work for the power utility.
Last week, Eskom treasurer, Andre Pillay said the power utility’s former executives had insisted on signing off on a transaction with Chinese asset management company, Huarong, despite the board’s instruction not to do so. Pillay said that Huarong was roped into the transaction as a facilitator for a 1.5 billion dollar loan from a funding company called Tribus.
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