Report alleges new Eskom CEO made suspect stock sales when at Sasol

André de Ruyter. Picture: BUSINESS DAY/FREDDY MAVUNDA

Both executives deny wrongdoing, saying they obtained the necessary authorisation to sell stock and weren’t aware of the Werksmans report. Sasol confirmed that the sales were authorised. The report said, however, that had the information about the overruns been more widely known, approval would not have been given.

Eskom chair and acting CEO, Jabu Mabuza, said the company wasn’t aware of any investigation of De Ruyter. “In 2013, a review into the share trading of certain executives was undertaken,’’ Sasol said in response to questions. Ramon and De Ruyter left before the report was completed and their departures were not related to it, nor were they told about it, the company said. Sasol added it didn’t believe it needed to report the trades to regulatory authorities.

“Both parties are, by extension, responsible for material misrepresentations in the form of omission and were potentially significantly conflicted in their roles of preparing and finally presenting the material information,’’ the report said. The manner in which the report was produced “smacks of an intent to get the imprimatur of a law firm to cast unsubstantiated and uncorroborated allegations’,’ De Ruyter said in response to Bloomberg’s queries. “I do not consider the matter adequately dealt with.’’

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