News Formal

SIU considers suing formerly Gupta-owned mining group Tegeta - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

  • 📰 SABC News Online
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

The Special Investigating Unit says it is considering suing the formerly Gupta-owned mining group Tegeta Exploration and Resources for the funds already paid over to it in the now invalidated coal contract with Eskom.

Special Investigating Unit

On Friday, the SIU secured a high court order setting aside the R3, 7 billion contract. The agreement was signed in 2015 to supply coal for ten years to the Majuba power station. The court has found the contract to be unlawful and invalid. SIU spokesperson Kaizer Kganyago says the court also gave the unit permission to go after Tegeta, even though it is under voluntary business rescue.

“At the moment we cannot say there is money that can be recouped, but what we know is that Tegeta has been paid so far because this is a 10 year contract that started in 2015. It was supposed to end in 2025, therefore they’ve been paid so far an amount of R1,25 billion. The other money has not been paid obviously which is the savings we are getting for Eskom on those remaining which is about R2, 5 billion.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 32. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shabalala honoured at memorial service - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The late Ladysmith Black Mambazo founder, Joseph Shabalala has been described as an outstanding musician, a peacemaker and an amazing man of song.
Source: SABC News Online - 🏆 32. / 51 Read more »

Malema apologises to President Ramaphosa - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.EFF leader Julius Malema has apologised to President Cyril Ramaphosa regarding the gender-based violence comments he made in Parliament via SABCNewsOnline Nheeeeeeeeeeeee. .......bengith ngiyaphupha Shame on ANC women that cheered their stupid Boy Mamabolo doing what he did in parliament. Again, ANC women showed they don't care about the plight of other women out there. it takes a real man to apologise even though he is not in the wrong, we are led here
Source: SABC News Online - 🏆 32. / 51 Read more »