18 June 2019

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

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Trillian Capital logo.
analysis

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...

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