Embattled company to break Gupta ties
EMBATTLED Trillian Capital Partners chief executive Eric Wood is planning to make a major announcement over the buying out of Gupta-linked business associate Salim Essa.
“The restructuring of our business is an absolute necessity now more than ever. That restructuring is to move away from the Gupta link‚” he said.
Wood spoke shortly after Trillian chairman Tokyo Sexwale released a damning report on the business activities of Trillian with regard to multimillion-rand deals with numerous state-owned entities and companies‚ including Eskom and Transnet.
According to an independent investigation by Advocate Geoff Budlender‚ which was contained in the report released by Sexwale‚ the deals are alleged to have seen several Gupta companies receiving kickbacks from a series of suspected dodgy business dealings.
Eskom‚ according to invoices contained in Budlender’s report‚ paid Trillian‚ in which Essa has a 60% stake‚ more than R250-million for services rendered between April and August last year.
Transnet paid just more than R105-million to Trillian between April and June last year.
Wood said the move would be announced next week.
The announcement is seen as a sign of increasing pressure which is mounting on companies doing business with the controversial family.
Wood distanced himself from the report‚ saying he had been relentlessly and unfairly tarred and feathered.
“I have not been given a proper opportunity to account and state my side,” he said. – TimesLIVE