Eskom backtracks from 2020 deal backing Optimum Coal rescue plan

The original article can be found here.

Article highlights:

  • Eskom CEO Andre de Ruyter submits an affidavit in support of the National Prosecuting Authority, saying the parastatal cannot back a business rescue plan that would put the Gupta-owned asset in the hands of a State Capture ‘perpetrator’.
  • Adopted by creditors in September 2020, the plan paves the way for former Gupta business associate Daniel McGowan to take over the asset through a debt conversion deal.
  • McGowan is a Dubai-based businessman who previously co-owned a Bermuda-registered company called Centaur Ventures Limited (CVL) with Akash Garg.