South Africa: Eskom Pursues Liquidation Of Trillian After Court Ruling

South Africa’s utility company, Eskom is set to institute liquidation proceedings against Trillian as Supreme Court of Appeal dismisses Trillian’s appeal on R600 million case.

Eskom announced that it will institute liquidation proceedings against Trillian Management Consulting and Trillian Capital Partners in the North Gauteng High Court in Pretoria this month.

André de Ruyter, Eskom Group Chief Executive, says: “Eskom has a moral duty and legal obligation to do everything it can to claw back all the monies which were illegally paid out during the height of State Capture.”

He adds: “This case is only one of the many in which Eskom’s management will attempt to recoup what is due to the people of South Africa.”

In late February 2020, the Supreme Court of Appeal dismissed the Trillian Management Consulting’s and Trillian Capital Partners’ application for leave to appeal the North Gauteng High Court’s judgement of 2 October 2019 in proceedings instituted by Eskom.

This follows legal proceedings instituted by Eskom, asking for the liquidation of the Trillian entities, and joining Eric Wood to the proceedings, for failing to pay R600 million that Eskom had irregularly paid to the entities during 2016.

In June 2019 Eskom approached the North Gauteng High Court, seeking an order setting aside and declaring as null and void Eskom’s payment of approximately R600 million to the Trillian entities.

In October 2019 the court granted the order, and ordered the Trillian entities to pay back the money within five days.

This was part of the R1.6 billion payment in a contract Eskom had entered into with McKinsey & Co. In 2018 McKinsey paid back more than R1 billion, including interest, to Eskom.

Source:www.energynewsafrica.com