18 June 2019

South Africa: Trillian Ordered to Pay Back 'Ill-Gotten Gains'

Photo: Supplied
Trillian Capital logo.

The High Court in Pretoria has handed down a scathing ruling in which it ordered the Gupta-linked Trillian Capital Partners to pay Eskom back R592-million because 'justice demands nothing less'.

A full bench of the High Court in Pretoria has confirmed as invalid and unlawful, payments of nearly R600-million to the former Gupta-linked financial advisory firm, Trillian Capital Partners, by Eskom.

The money must be returned to Eskom to prove that crime, no matter what euphemism is used in describing such unlawful conduct, does not pay, the ruling states.

This follows an application by a new management team at Eskom to review and set aside all administrative decisions that led to the awarding of a controversial contract to global consulting firm, McKinsey & Co, in a deal that paved the way for Trillian, headed by CEO, Eric Wood, as a "sub-contractor".

The two companies never signed an agreement because Trillian had failed a McKinsey due diligence, yet Eskom officials signed off on a R1.8-billion settlement agreement to exit the contract, a process through which Trillian was paid huge sums of money without a valid contract.

McKinsey coughed up its portion, just short of...

More on This

Some Transnet Execs Learnt of Irregular Contracts Through Media, State Capture Inquiry Hears

Some Transnet executives only learnt of irregularly awarded contracts through the media, the state capture inquiry heard… Read more »

See What Everyone is Watching

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.