Essa sells Trillian stake amid corruption claims
CEO Eric Wood buys out Salim Essa’s 60% holding in Trillian for undisclosed amount
Salim Essa has sold his controlling interest in Trillian as his close association with the Gupta family – facing allegations of corruption and state capture – threatens to jeopardise the financial-services company. Essa, who is a director in VR Laser and a shareholder in Teg-eta Exploration and Resources through Elgasolve, sold his 60% stake in Trillian to Trillian Capital Partners CEO Eric Wood, the company said on Wednesday. The acquisition brought Wood’s share to 85%, with the rest of the shares owned by management and staff, the firm said in a statement. Essa has been at the centre of allegations that German software multinationals SAP and Software paid millions in kickbacks to companies either owned or in the process of being acquired by the Guptas’ Sahara Systems in order to acquire contracts from state-owned entities such as Transnet, according to reports from investigative journalism unit amaBhungane. “The unrelenting media allegations arising from Mr Essa’s holding — despit...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.