Zondo Commission hears details of Glencore, Eskom relationship
Clinton Ephron's testimony comes a day after the inquiry heard evidence on Eskom’s coal supply agreements with Gupta-owned company Tegeta.
JOHANNESBURG - Former Glencore CEO Clinton Ephron has taken the stand at the state capture commission, detailing the history of the company and its contractual relationship with Eskom.
His testimony comes a day after the inquiry heard evidence on Eskom’s coal supply agreements with Gupta-owned company Tegeta.
Glencore sold its Optimum coal mine to the Gupta company.
Ephron has explained to the commission the agreements the company signed with Eskom.
"Eskom and the owners of Optimum coal mine at that time entered into a different type of contract, a fixed-price contract. Meaning, the price is fixed without change. What happens on an annual basis is that there’s an inflation adjustment. The adjustment is supposed to represent the genuine cost that the mine would incur because of inflation."
WATCH: Zondo Commission hears details of Tegeta's Optimum mine acquisition
(Edited by Zamangwane Shange)