Friday , August 23 2019
Home / africa / State Capture day business: Glencore story

State Capture day business: Glencore story

For seven months, the global globalization of the company, Glencore, was ruled out, it was fake and punished, which was attached to the Coal Mine Optimum, which was intended to be mandated for sales by Guptas, government officials and intervention of the Esko executives.

Global commodities giant Glencore had little chance of maintaining the Coal Mine Optimum, with the intention of eliminating mining from its State Capitalization project.

When Glencore started selling a basket at Guptas in 2015, he first publicly explained part of this campaign, presumably former Minister of Finance, Mosebenzi Zwane, President of Dr Ben Ngubane, and Brian Molefe and Matshela Koko, executives.

In addition, government mining auditors sent weekend security certificates to the company's mines in 54 episodes of 54 Glencore Caps, which were so serious that a whole mine was closed.

Ever since the United States Capture Commission witnessed Wednesday, Glencore and CEO, Coal Holdings Optimum (OCH), Clinton Ephron painted a seven-month campaign in January 2016, when Glencore finally sold OCH to Guptas for R2.15 million.

When the agent of the attack arrived at the Molefe district, it seems that the contract for the supply of coal negotiated and revised with the support of the executives that participated in the negotiation months has seemed to be negotiated and reviewed.

That same year, Molef blocked the deal, and the company continued to continue the coal, if it was traded with Esko, after a clause of hardship, the price of coal was not economically viable.

Efron said the company sent a letter to Molefe about reasons and reasons for negotiation and why it was not proposed to start a business prior to the end of December 2018, but signed a contract to supply the Optimum contract to the Hendrin central power plant. Optimum's business lasted.

Hendrina is fully trusted in Optimum – it was designed based on combining charcoal specifications, logistics and mining locations.

"We found out that it was a serious problem even if it was not mine since 2018. And you do not have to start trading on December 31 the next day when coal supplies are canceled, "said Ephron.

Nowadays, coal is not the best Optimum (after buying Guptas) for Hendrin Eskomara. Mine is a business salvation and does not work for funds.

Efron said Hendrina's only way of making coal is through road transport, paid by Eskom.

Then, he witnessed a number of events between May 2015 and December 2016, when Optimum sought negotiations to continue alive with Eskoba, even if it was a rescue of negotiations.

On May 22, 2015, Optimum wrote to Vusi Mboweni, senior energy officer and Molefe, a detailed business background, and advised them that the Executive Committee of the Eskimo Executive Committee recently approved a contract.

The right was to warn the heart changes that Optimum was harmful due to the initial green light, as lenders and shareholders extended financial support.

By the time Optimum had exhausted R2.5 million facilities, a million million petrochemicals had been requested to be used to supply coal, and Glencore, the leading shareholder, already had R1-million companies in 2014.

With no shareholder support or Eskom agreement, Optimum settlement would be enforced.

"It is clear that the only OCM recovery method is to change the Hendrin supply agreement ".

The best order to review its location but according to the next chronology was rough, the word go:

  • June 11, 2015: He won a meeting between optimal Glencore CEO, Ivan Glasenberg, Ephron and Molefe and Eskom team.

"We discussed again and saw the way we went.

"Again, we got the same answer. Eskom is not ready to negotiate. "Eskom outfit has stressed that Optimum complied with the contractual obligations under the original contract, as the pre-agreed agreement was not considered an interest in the parastatal.

  • July 1, 2015: While trying to negotiate with Esku, Ephron said that on July 1, 2015, it was not requested an R2-million dollar request on behalf of an anonymous customer, Optimum KPMG, later to become Oakbay. An anonymous buyer, he said, was a successful Eskom coal and had lenders potential letters.

  • July 16, 2015: Out of the blue, Ephron received a letter from Cliffe Dekker Hofmeyr, who paid more than R2-million punished for Eskoba. In summary, the calculations and calculations showed that all coal from Optimus (from May 2012 to 2015) was rejected by Eskom. In essence, all the coal that Eskom paid off bonuses all wanted to return.

"This was not the main problem. We know we could defend it. The second problem was that the set-off process did not cost mine after passing this letter. "

  • July / August 2015: In the meantime, Eskom also retired R58 million and R34 million for the coal delivered by the company.

  • August 4: It's better for business rescue. There are many attempts at professional rescue companies from Eskom, but Eskom will not move. Hendrin's charcoal supply has been discontinued and business rescue professionals, through lawyer, offer a solution to long-term negotiation solutions. In summary, Molefe and Coco Ephron were called and business rescue professionals committed themselves to recovery negotiations. Business rescue professionals took good faith and agreed to it as a way of preventing company liquidation. Eskomek, it seems, had other plans.

  • September 2015: Former Minister Ramatlhodi Ngo earlier stated that when the Capture Committee met with Molefe and Ngubane, Ngubane allegedly shut down all the Glencore mines. Nguban confirmed his immediate decision to inform President Jacob Zuma, Ramathodi said.
  • September 17, 2015: Optimum responds to demand received by Cliffe Dekker Hofmeyr and makes a settlement offer. The law firm has returned, Eskome does not mean, and the R2-million payment of penalties is not negotiable.

  • September 21, 2015: Oakbay makes a second offering to Optimum, which now offers half the initial price, now R1-million.

  • September 22, 2015: Mosebenzi Zwane has been appointed as the new mining ministry in the country.

  • October 2015: Negotiations to negotiate merchandise for Oakbay have advanced. Ephron met with Guptas Saxonwold at home business rescue professionals. Guptas said a sale was not considered to be the optimal minimal circulation and two assets of Optimus Coal Holdings, which earned the Richards Bay Coal Terminal (RBCT) and Koornfontein mining.

  • November 2015: Again, in blue, Efron recruited someone who had no dealings with the trader, the general director general of the Department of Resources of Minerals, who allegedly said that it was not enough for this deal. He should include all active OCHs, including RBCT participation.

  • November 24, 2015: Eskom calls a representative from Glencore to Nazeem Howa, businessman Ashu Chawla (for example, a man #GuptaLeaks) and a meeting between Optimus company Ronica and Gupta group rescue professionals. Ragavan. Koko, Suzanne Daniels and Edwin Mabelane goes to Eskomera.

Now, in the midst of sales negotiations, Optimum has already established it and Coconut was informed by Eskom and Guptas. He allegedly said that Eskom did not allow the sale of Optimum full assets including a full basket. Eskom was authorized to supply coal for a long period of years.

  • November 26, 2015: The Glencore mines are violated in four sections with 54 notifications, which are given in the endings of my security violations. The company had before the S54 notes, justified, he said. In this case, among other things, there was no excavator with no license, a security belt was not used by a truck operator, an operator seat was not adjusted, oil spills, a cracked windshield and four trucks were found without first aid kit They are. The supervisors worked for the weekend to give them.

  • November 29, 2015: Convinced that R2 million could easily be challenged, funding for funding by Glencore could be a crucial decision for Gupta's offer. The word came out that Optimum did not have any intention, and in addition to legal processes that needed to be done, it could be in the hands of Glencore.

This, Efron said article 54 would make the announcement to be one of the "Mineral Resources Ministry" remarks of Glencore.

Enter Mosebenzi Zwane

An alleged suspected call from the Zwane office was ended at Glasenberg in Switzerland. Efron said that Glasenberg gave him details on December 1, 2015 at the Dolder Grand Hotel in Zurich. Zwane, Glasenberg and Gupta Kingpin were Salim Essa.

Zwane, he said, allegedly did not want to discuss Glasenberg's article 54 notifications. Glasenberg told the prime minister that Glencore would take optimum for business salvation, but it was sold at an affordable price.

For pricing negotiations, Ephron met with Glasenberg, Essa, Zwane and Tony Gupt the same day at the same hotel.

Efron demonstrated that this meeting was released by Zwane, who emphasized the importance of avoiding the settlement of the company, retaining the importance of maintaining jobs, and allegedly added that Glencore managed to reach an agreement with the Gptes.

Zwane is left out of R2.15 million dollars.

Ephron said Glencore was finally selling because of the price and commercial transaction.

After a week before making the payment, they called the name Essa less than R600 million.

"We asked for a quote and Eskom asked us to make a prepayment.

Glencore has been excluded.

Another plan to collect the bank through a consortium fell, and, voila, Eskom approached the planned R600 million planned for the coal, now Guptas would be able to get after successful profits. DM

The Commission confirmed on Thursday the former Ministers of Foreign Affairs Siphiwe Nyanda and Trevor Manuel.


Are you South AfriCAN or South AfriCAN?

Maverick Insider It's more than a reader's revenue scheme. While the "state of mind" is not enough, it is thought: it is the belief that independent journalism is a real difference in our country and that it is the will to accept the effort.

Tik #GuptaLeaks Enter State Capture to the Scorpio on SARS, Daily Maverick Research It has had a great influence on South Africa and it is a political landscape. While we write the election year, our mission to True Defense has never been more important. The free press is one of the most fundamental defense against electoral fraud; Without this, the nation's polls may be very bad, in Kongo, we have seen very quickly.

If you want a practical and interesting way to make a difference in South Africa, sign up Maverick Insider. The number of times you contribute (monthly or yearly) and exchange, you will receive some great benefits. The greatest benefit for all (apart from inner peace)? Make a real difference to a country that needs your help.


Please, or create an account for comments. To access the conversation, register as Maverick Insider.

Source link