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Suspended Eskom senior manager ordered to pay back the money

The Special Tribunal has ordered that suspended Eskom senior manager for Coal Operations, Petrus Mazibuko, pay back at least R11 million to the state after it was found that his company indirectly benefitted from a coal transportation contract from the power utility. This follows civil proceedings initiated against Mazibuko and his brother, Shadrack, at the tribunal by the Special Investigating Unit (SIU). The tribunal found that Mazibuko improperly benefitted from contracts awarded to a company with links to a business ran by himself and his brother. Judge Thina Siwendu found that Petrus Mazibuko did not declare his business interests in terms of the Eskom Conflict of Interest Policy and had no permission to do the work. He acted, by failing to disclose, in a way that compromised the credibility and integrity of Eskom's supply chain processes, the tribunal said. The judgement also found that the Mazibukos company, Thephunokheja, concluded a joint venture agreement with Commodity Logistix Managers Africa (CLM) to supply and transport the coal just months before the Eskom contracts were awarded to CLM. Shortly after the contract was awarded, at least R11 million flowed from CLM to Mazibukos Thephunokheja. The suspended Eskom senior manager had also failed to disclose the close ties he had to CLM. Howeverthey had no experience no expertise in the coal business. Mazibuko's conduct was found to be an unauthorized gratification and in violation of Section 3 of the Prevention and Combating of the Corrupt Activities Act of 204 and section 4 of the Prevention of Organized Crime of 1998, the tribunal said. The Tribunal also found that the conduct of the Mazibuko brothers was against the law. Petrus and Shadrack Mazibuko as well as Thephunokheja accepted gratification, acted dishonestly, unauthorized, misused and sold information to advance their financial interests and that they knowingly embarked on the unlawful activities, the judgement found

oct 5 2021 6:54pm
SK Innovation to invest $4.3bn in US battery production with Ford

South Korea's SK Innovation Co Ltd plans to invest 5.1-trillion won (roughly $4.3bn or R64.63bn) to build battery production facilities in the US through its battery joint venture with Ford Motor Co through 2027, the company said in a regulatory filing on Tuesday.

sep 28 2021 9:46pm
mixed News : Mixed
Central Energy Fund, Sasol sign gas MOU

The Central Energy Fund (CEF) has signed a memorandum of understanding with chemicals and energy giant, Sasol. The MOU is aimed at securing future gas supply options and infrastructure critical to the gas market. The agreement comes at least two months after the CEF announced that its subsidiary, iGas, had exercised pre-emptive rights to acquire 30% of Sasols shares in the Republic of Mozambique Pipeline Company (ROMPCO) gas pipeline joint venture. CEF Group Chief Executive, Dr Ishmael Poolo, said the agreement was signed with the prospect of protecting future gas supply in the country and creating jobs. At the core of achieving our strategic mandate of ensuring security of supply is domestic job creation and an approach to the just energy transition that fosters increasing domestic value addition. In this regard, gas remains a critical component in our countrys just energy transition journey, and our continued collaboration with Sasol in unlocking growth in the gas space remains critical for us in contributing to the achievement of an optimal energy mix, Poolo said. Sasol Executive Vice President for Energy Business, Priscillah Mabelane, said collaborations are necessary to sustain the energy sector. Sasol has had a long-standing relationship with CEF through our well-established partnership in the ROMPCO pipeline and looks forward to commencing this next stage of growth in gas together. Gas is instrumental in enabling a just energy transition in South Africa and requires immediate attention to introduce additional supply to South Africa. Currently, the countrys gas supply comes from the Pande-Temane gas fields in Mozambique, which will need to be supplemented in the long-term, as these reserves begin to mature, said Mabelane. A statement released by the gas company highlighted the importance of gas for South Africa. Gas is a significant contributor to South Africas energy mix and its importance is expected to grow. Preliminary global benchmark case studies indicate that countries experiencing growth in demand for gas have opted for increasing the number of import locations to serve regional markets via pipeline. Both companies will explore developing multiple low-cost gas import locations around the country, the statement said.

sep 8 2021 10:24pm
Classic cars take to the high seas with Floating Motors

A company called Floating Motors, which is a joint venture between Italian watercraft firm Jet Capsule and the Lazzarini Design Studio has plans to build boats with classic automotive design in a concept called resto floating.

sep 6 2021 11:24pm
mixed News : Mixed
Mazda restructures China car joint venture with Changan, FAW

Japanese automaker Mazda Motor Corp said on Tuesday it and two Chinese partners have agreed to form a new venture in which it will have a 47.5% stake

aug 26 2021 11:06am
mixed News : Mixed
Ford battery venture with SK Innovation will extend into Europe

Ford Motor Co's electric vehicle battery joint venture with South Korea's SK Innovation Co Ltd will extend beyond North America into Europe, a senior Ford executive said on Wednesday

aug 12 2021 1:55pm
mixed News : Mixed
Eyeing IPO, Volvo Cars to take full control of its Chinese business

Volvo Cars has struck a deal to buy out parent company Zhejiang Geely Holding from their joint ventures in China, in a move that could make a potential initial public offering (IPO) for the Swedish car maker more attractive to investors

jul 22 2021 9:55am
mixed News : Mixed
Sapref's BP and Shell still have enough in the tank to meet demand

Operations at SA's largest crude-oil refinery, Sapref, were temporarily halted on Tuesday amid the ongoing looting and social unrest in KwaZulu-Natal. A joint venture of BP and Shell, this refinery accounts for 35% of the country's refining capacity. As such there has been concern that fuel shortages may well be on the cards - especially in the short-term

jul 17 2021 4:08pm
mixed News : Mixed
VW hands control of ultra-luxury Bugatti to Rimac and Porsche

Volkswagen AG will fold its ultra-luxury Bugatti brand into a joint venture with Croatian electric supercar maker Rimac Automobili, extending a lifeline to the boutique French manufacturer known for hulking 16-cylinder engines

jul 6 2021 12:18pm
mixed News : Mixed
Volvo, Northvolt team up for electric battery factory

Swedish automaker Volvo and the battery start-up said that, through a joint venture, they will build a gigafactory with a potential capacity of 50 gigawatt-hours (GWh) per year, with production expected to start in 2026.

jun 22 2021 11:09am
business News : Mixed