Former Eskom CEO, Brian Molefe, insists Gupta-linked consulting Firm, Regiment Capital, saved Transnet R2.8 billion for a deal that costed R78 million.
In 2019, the Commission heard from others witnesses how Regiment Capital benefitted unduly from the deal.
Molefe is appearing before the Commission of Inquiry Into State Capture, in Johannesburg, this week. He says because Regiment saved Transnet billions they agreed to change the remuneration model for the deal.
“They saved us R2.8 billion at Transnet and it was then recommended that they be paid R78 million. And the memo says it is not possible to pay them the R78 million because the original remuneration model does not allow it. I looked at the situation and said R2.8 billion is not bad for 78 million and I approved it.”
In the video below, Molefe continues with Transnet related evidence:
Earlier in January, Molefe placed President Cyril Ramaphosa at the centre of an allegedly unjustifiable coal contract worth R1.4 billion awarded to Glencore in 2012.
He said Ramaphosa had a 9.4% stake in Optimum Mine, which was later bought by Glencore.
Molefe says Ramaphosa chaired the board of Optimum mine just before chairing a de facto Eskom board in the office of the President during his tenure as Deputy President in 2014.
The former Eskom CEO is alleged to have been at the centre of State Capture at the power utility. He is also being sued by the Special Investigation Unit (SIU) for his alleged role in looting billions at the State-Owned Entity.
Molefe was seconded from Transnet to Eskom by former Eskom Chairperson Ben Ngubane.
Below is the live video of Molefe’s January testimony: