SA’s state power utility deliberately deceived the central bank to ensure it was granted permission to conclude a R25bn loan agreement with China’s Huarong Energy Africa, according to a senior company official. Eskom Holdings gave the SA Reserve Bank incomplete and inaccurate information about the loan, meaning it was unable to make a properly informed decision on whether to give it the go-ahead, Sincedile Shweni, a corporate specialist at the utility’s treasury department, said at the judicial commission of inquiry in Johannesburg on Monday. Had the correct information been supplied, the deal would have fallen through, he said. The commission, headed by deputy chief justice Raymond Zondo, was established to probe allegations that billions of rand of taxpayer funds was stolen from the government coffers by allies of former president Jacob Zuma with his tacit consent, with Eskom a prime target in the looting spree. Zuma has denied wrongdoing. The loan agreement between Eskom and Huar...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now