Glencore willing to take stand – CEO

Resources giant Glencore is prepared to testify at the state capture commission of inquiry about its experience with its former Optimum Coal, which ended up in the hands of the Gupta family, according to CEO Ivan Glasenberg.

Optimum Coal, a supplier to Eskom, was a key battleground in the attempt by private interests to capture the state.

The change of ownership from Glencore to the Guptas, friends of former president Jacob Zuma, who stand accused of using links with him to further their business interests, was central to the findings of the public protector, which led to the formation of the Zondo commission of inquiry.

Speaking on Monday, SA-born Glasenberg said the diversified miner was willing to share its experience as a former owner of Optimum Coal.

“If called upon to talk about the experience, we would be willing to do so,” he said.

Commission chair, deputy chief justice Raymond Zondo, has pleaded for witnesses to come forward. SA banks have testified that they came under immense pressure to keep Gupta bank accounts open.

So far, the witness testimony has been largely from public officials.

Former mineral resources minister Ngoako Ramatlhodi told the commission last week how Zuma removed him from his post in 2015 after he refused to revoke Glencore’s mining licences, as was allegedly demanded of him by then Eskom chair Ben Ngubane.

Eskom reinstated a disputed R2bn penalty on Optimum for supplying substandard coal, which forced Glencore to put the mine into business rescue.

After that, it was acquired by the Gupta family’s Tegeta Exploration and Resources.

In former public protector Thuli Madonsela’s “State of Capture” report it was found that former Eskom executives had advanced the Guptas R600m to help them acquire the mine.