Faced with a barrage of questions during cross-examination by Deputy Chief Justice Raymond Zondo and senior counsel Thandi Norman, Eskom executive Sincedile Shweni yesterday conceded to misleading the SA Reserve Bank when he applied to the bank in July 2017 for an exchange control approval.
Ideva was used by Huarong as a vehicle to receive the R25 billion long-term loan the power utility required to fund a project to improve its infrastructure. The signing of a Huarong-Ideva transaction was pushed by former Eskom chief financial officer Anoj Singh and then interim CEO Sean Maritz. It’s been proven that this was done without due diligence being followed, adherence to legal advice, policy, or the Public Finance Management Act.
“When, in the application for Sarb approval, you left concerns about Ideva out, was that not misleading?” asked Norman.
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