Claim that Glencore used Ramaphosa to strong-arm Eskom 'ridiculous'

“There are two mechanisms in buying a listed company, one can approach the company or you can approach the shareholders directly and secure a certain amount of shareholding in a company,” said Ephron.

“The reason we did not approach OCH [Optimum Coal Holdings] directly, they would have had to put out a statement that its share price may be affected. We elected to approach individual shareholders directly. “There is not an iota of evidence that points to Glencore wanting to rely on Mr Ramaphosa as a shareholder, it is ridiculous [to suggest otherwise]. Nowhere has it ever come up that Mr Ramaphosa was ever involved in any negotiation around the CSA [coal supply agreement] with Eskom.Glencore fell out with Eskom when it sought to have the coal price increased threefold in 2015.

The final nail in the Optimum coffin was hammered by then Eskom CEO Molefe when he refused the coal price increase, leading to Glencore selling Optimum to Gupta-owned Tegeta. Molefe and Koko have insisted that Eskom was well within its right to refuse to give in to Glencore's request for the increase of the coal price as their financial woes were self-inflicted and had nothing to do with the power utility.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ghost vending: Syndicate nabbed for selling illegal prepaid electricityThe Hawks and Eskom uncovered a 'ghost vending' syndicate selling illicit prepaid electricity, costing Eskom millions in revenue.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Load-shedding ramped up to stage 4 on Wednesday afternoonEskom earlier announced stage 2 load shedding would continue until Sunday night
Source: BDliveSA - 🏆 12. / 63 Read more »

'Eskom is undermining Gordhan' - ANC Joburg backs 'powerless' Sowetans | The CitizenSoweto residents from from several areas marched to Eskom’s offices demanding the reconnection of electricity. Gauteng province must come with better strategy to make people to pay electricity or it will lose forever.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

LIVESTREAM: State Capture Inquiry hears Eskom-related evidenceThe State Capture Inquiry will hear Eskom-related evidence on Thursday. eish the timing sucks stage3 😪 During Molefe and Koko’s tenure at Eskom we never had loadshedding
Source: eNCA - 🏆 49. / 51 Read more »

Government condemns violent Soweto protests over electricityLarge sections of Soweto owe Eskom billions of rand for electricity. Zimbabwe, Mozambique as well. Destroying the future of black children Fotshek!
Source: TimesLIVE - 🏆 28. / 59 Read more »

LIVE FEED: State Capture Inquiry – June 10, 2021Former CEO of mining company Glencore Clinton Ephron will be back on the witness stand at the State Capture Commission of Inquiry. I entrusted SilverAustinefx with my money since I took rush of investing my money with his platform, and since then I've recovered all I lost to scams. Get in touch with SilverAustinefx and get a good mentorship and safe trading.
Source: IOL - 🏆 46. / 51 Read more »