In the week that the King IV report on corporate governance was released, we finally got to see the farewell gift Thuli Madonsela left for us all, and it showed an unbelievable trail of poor corporate governance. The best Hollywood directors could not make up the Eskom chronicles exposed in the State of Capture report. It is sizzling and is probably one of the biggest South African exposés of poor or no governance at all, especially as it relates to conflicts of interest. Among all the people the former public protector investigated, her findings were most damning of the Eskom board. "It appears that the board of Eskom was improperly appointed and not in line with the spirit of the King III report on corporate governance," the report says. As we now know, Eskom made a R659-million pre-payment to Tegeta, a company that is 29% owned by Oakbay Investments (the holding company for the Gupta family's businesses in South Africa), which in turn owns 80% of Oakbay Resources & Energy. Oakbay...
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