South Africa: Embattled Trillian Blames Its Cash Woes On Salim Essa

analysis

Under pressure to pay Eskom back nearly R600-million following a tainted deal, a broke Trillian Capital Partners says that Salim Essa, the Gupta family's one-time chief lieutenant, left hundreds of millions of rand in unpaid 'shareholder loans' that he had extracted from the company.

Trillian Capital Partners dispensed R218-million in shareholder loans to Salim Essa and another R320-million to a Gupta-linked IT company. Much of that money is now irrecoverable.

These concessions by Trillian CEO Eric Wood form part of a legal challenge against a high court order that it repay Eskom nearly R600-million in fees raked in following a tainted deal that resulted in global consulting firm McKinsey & Co repaying the power utility just short of R1-billion.

Wood, in the hope of taking his battle against the June 2019 court order to the Supreme Court of Appeal, names Essa as a beneficiary of exorbitant shareholder loans from the then-fledgling company, which had scored massive fees from alleged irregular deals involving state-owned entities.

In court papers filed in response to an application by Eskom that Trillian coughs up security for R595-million before being allowed to proceed with an appeal, Wood says Essa, his former partner, had left a steep...

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