Molefe: Glencore sold shares to Ramaphosa to gain political benefits

Former Eskom CEO Brian Molefe’s lawyer said that he would not incriminate himself if asked about the Eskom civil claim and the criminal charges being investigated by the Special Investigating Unit (SIU).

Former Eskom CEO Brian Molefe appears at the state capture inquiry on 15 January 2021. Picture: SABC/YouTube

JOHANNESBURG - Former Eskom CEO Brian Molefe has repeated Matshela Koko’s allegations that Glencore sold shares to President Cyril Ramphosa to use his political power to its benefit and to disadvantage the power utility.

Molefe said that Glencore’s Optimum coal mine owed the power utility R2 billion in penalties and did not want to pay the money.

The mine also wanted to renegotiate its coal sales price from R150 per tonne to R530 per tonne, which would have meant the power utility would spend R8 billion more.

Molefe said that he was not ashamed that he refused to honour the renegotiated Glencore price when he became CEO.

"When the deal was done in 2012, and he bought shares, he was made chairperson. In 2014, he became deputy president, chairperson of the war room. One would have expected that under corporate governance, there must be a cooling off period, precisely for things like this. Here is a person who was involved in saying that we must renegotiate... that contract was signed in 2014 - the contract that I found at Eskom - we must renegotiate effectively R8 billion... [He] moves and becomes the de facto chairperson of the company."

Earlier, Molefe’s legal team said that he would exercise his right not to incriminate himself at the state capture commission should he need to.

His lawyer, Advocate Thabane Masuku, said that he was unhappy that he was furnished with details on his testimony only on Tuesday, so he might also not be able to answer all the questions put to him.

The state capture commission said that Molefe was implicated in many testimonies but today he is expected to deal with matters related to Eskom, including two payments of R1.6 billion and R659 million

Molefe’s lawyer said that he would not incriminate himself if asked about the Eskom civil claim and the criminal charges being investigated by the Special Investigating Unit (SIU).

"At some point the SIU, or whoever is investigating this issue, will confront Mr Molefe on those aspects, so we ask where it is possible, that his right not to incriminate himself be respected if it is raised legitimately and we do hope it is raised legitimately."

WATCH: Brian Molefe gives testimony at state capture commission

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