Salim Essa and Trillian part ways
Trillian said that the unrelenting media allegations arising from Salim Essa’s holding has had a negative impact on the ability of Trillian Capital Partners and its staff to reach their full potential.
JOHANNESBURG - Trillian Capital Partners has reached an agreement with Trillian Holdings, which is wholly owned by Gupta associate Salim Essa, to sell its shares in the company.
Trillian said that the unrelenting media allegations arising from Essa’s holding (despite no proof or official charge) has had a negative impact on the ability of Trillian Capital Partners and its staff to reach their full potential.
"It is therefore with regret that Mr Essa has taken the decision to divest from the business."
In terms of the deal, Trillian Holding’s 60% stake in Trillian has been acquired by Trillian Capital Partners CEO Eric Wood. This brings Wood’s share to 85% with the rest of the shares owned by management and staff.
"Trillian has always maintained its innocence in the face of allegations and reiterates the belief that it has a team of excellent staff who are able to deliver on their mandates to the highest standards and hope they will be given a fair opportunity to do so in the future.
"Trillian thanks Mr Essa for his role in attempting to create a leading black advisory business and wish him well in his future endeavours."
Trillian says allegations of corrupt practises involving multi-million rand payments from Eskom and Transnet have impacted on staff.
It says although no proof or official charges have been laid against Essa, it's decided to part ways with him.
Former Chairman Tokyo Sexwale initiated an investigation into the allegations and said Essa tried to remove him from his position.
The Public Protector has agreed to investigate whether Public Enterprises Minister Lynne Brown had violated the code of ethics for members of Cabinet in her handling of the Trillian and Eskom contract.