The prepayment, the board believed, was beneficial to both Eskom and Optimum, which was under threat of liquidation, and that approving the prepayment was going to save jobs.
“I looked at the submission which motivated firstly that there is an agreement between Eskom and OCM, and that OCM requires cash in advance to give them liquidity so they can get on with their business,” said Naidoo, who chaired the Eskom investment and finance committee on the day of approval.“They also said they are in the process of taking on more BEE partnerships. When we looked at that, we said prepayment is the practice of the business.
“The advance payment of R1.68bn was going to secure future supply of coal to Eskom and OCM was to cede unsupplied coal as security.” Zondo was in disbelief that the Eskom board ignored a fundamental part of the submission, which clearly stated that the prepayment was for the benefit of OCM's proposed owners.
“How is it possible that the entire board did not see this point? How could none of you say, but hang on, change this submission. What is troubling me is how it is possible for so many members of the board not to have seen what is written here in black and white,” charged Zondo.
The current board of Eskom paid R5.6billion rand to an unknown company and now one gives a fuck about that.Because some of those prople are black and must be charged
The whole board must be declared delinquent and criminally and civilly liable
😂 we all know it wasn’t a mistake.
Let those 12 board members be arrested and face charges if commission is really serious
They were not incompetent. They were put there for that same reason. If you are doing what is expected of you, you are not incompetent.
Incompetent or bribed? Perhaps to find out their bank accounts should be investigated?
Mistakenly... Really...
Only 12 Incompetent board Member vs Majority ANC who are wearing blinders of ANC ,seeing nothing wrong with looters
Party loyalists appointed to the Eskom_SA Board, to serve the financial interest of the elite.. Hence the 'oversight' and lapse of due diligence in ensuring that they 'do the right thing' Dysfunctional Inept Complicit Board members paid to look the other way. ZondoCommission
Indeed!!!
Very True!
Zondo will catch covid and soon he will 'be with the lord'
It happened right under Ramaposa's big nose n he didn't say anything, now Bring Brian Molefi back so we can get his side of the story
Withdrawals today !!! I really appreciate all you've done for me, you are the best and I promise to spread your good work Thank you Johnteddy63
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