Eskom to kick off liquidation proceedings against Gupta-linked Trillian for R600m
This follows legal proceedings instituted by Eskom, asking for the liquidation of the Trillian entities.
Eskom CEO Andre de Ruyter. Picture: Moneyweb
In an effort to recover some of the funds it had irregularly paid to various entities in 2016, power utility Eskom announced on Thursday that it would institute liquidation proceedings against Trillian Management Consulting and Trillian Capital Partners in the Gauteng High Court in Pretoria.
The company made headlines in particular for its association with the controversial Gupta business family, who are understood to have fled the country to take up residence in Dubai.
Last month the Supreme Court of Appeal dismissed Trillian’s application for leave to appeal the October 2019 High Court in Pretoria’s judgment requiring Trillian to pay back all the money they received from Eskom between August 2016 and February 2017 in the absence of valid contracts and, in some cases, where no work was done.
“This follows legal proceedings instituted by Eskom, asking for the liquidation of the Trillian entities, and joining Mr Eric Wood to the proceedings, for failing to pay R600 million that Eskom had irregularly paid to the entities during 2016,” said Eskom in a statement.
“In June 2019, Eskom approached the North Gauteng High Court, seeking an order setting aside and declaring as null and void Eskom’s payment of approximately R600 million to the Trillian entities. In October 2019, the court granted the order, and ordered the Trillian entities to pay back the money within five days.”
RELATED: Eskom urges corporates who conducted business with them illegally to come forward
According to the power utility, this was part of the R1.6 billion payment in a contract it had entered into with McKinsey & Co.
“In 2018 McKinsey paid back more than R1 billion, including interest, to Eskom.”
Eskom group chief executive André de Ruyter explained that this decision is the first in a series of many actions that will see the power utility trying to recoup the money it lost as a result of state capture.
“Eskom has a moral duty and legal obligation to do everything it can to claw back all the monies which were illegally paid out during the height of state capture. This case is only one of the many in which Eskom’s management will attempt to recoup what is due to the people of South Africa.”
Eskom to institute liquidation proceedings against Trillian as Supreme Court of Appeal dismisses Trillian’s appeal on R600 million case @ewnupdates
@SABCNewsOnline @News24 @IOL @eNCA @Moneyweb @Fin24 @BBGAfrica @mailandguardian pic.twitter.com/7YnU8CZ9Bh— Eskom Hld SOC Ltd (@Eskom_SA) March 5, 2020
For more news your way, download The Citizen’s app for iOS and Android.
