LETTER: Oil reserve buyers also at fault

2020-11-25 12:21:00 AM

It is inconceivable that they weren’t aware that criminality was involved

Picture: REUTERS/BRENDAN MCDERMIDIt appears the court has lumbered the state with all the legal costs plus the purchasers’ expenses following the cancelation of the crooked 2015 sale of SA’s strategic oil reserves.Although it is more than likely that the corruption arose from a scheme cooked up by state players, the purchasers can hardly be regarded as innocent victims.

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Oil traders are acutely aware  of the market price on a minute-by-minute basis, so it is inconceivable that they weren’t aware that criminality was involved when oil was offered at $28 a barrel while the market price was $38, any more than a member of the public being offered a R20,000 flat screen TV for R6,000 wouldn’t be aware that it had “fallen off a lorry”.

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