A significant portion of a R2-million “donation” from listed construction firm Stefanutti Stocks for a school project in Limpopo ended up benefitting Eskom officials at the problem-ridden Kusile power plant.
Such projects were in line with Stefanutti Stocks’ “corporate social investment” responsibilities, the JSE-listed company told investors in a recent Stock Exchange News Service announcement.that revealed how Stefanutti Stocks, along with fellow Kusile contractors Tubular Construction, Tenova TAKRAF and Esor Construction, had paid altogether R75-million into the account of Babinatlou Business Services.
But Stefanutti Stocks’ due diligence process evidently didn’t include a thorough examination of Babinatlou’s finances. On the same day, Babinatlou also paid R140,000 for the rental of a property occupied by Dianah Motlou, one of Hlakudi’s former Eskom colleagues. Apart from the aforementioned expenses that benefitted Hlakudi and Motlou, the remaining funds were apparently also used for dubious purposes. One document seen by Scorpio suggests Babinatlou splashed more than R260,000 on a “hand over function” for the new classrooms.
“Stefanutti Stocks unfortunately does not have access to the referenced documentation and is accordingly not in a position to comment beyond the fact that on information it has available to it, the monies were utilised for their intended purpose. Nor, importantly, did Stefanutti Stocks at the relevant time have any reason to believe that the monies had been used for any other purpose,” the company said in an email.
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