OUTA WINS FREEZE ON GUPTA MINE REHAB FUNDS AT BANK OF BARODA

The Organisation Undoing Tax Abuse (OUTA) won an urgent interim interdict in the Pretoria High Court against the Bank of Baroda, freezing R1.75 billion in the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation trust fund accounts. “This is another sweet victory for South Africa, with the prevention of Gupta mining trust accounts worth at least […]
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Did Guptas sell mines they didn’t own? The Zuma and Guptas stories is just getting interesting day by day.

Many questions remain about the Gupta family’s announcement on Wednesday that it was selling Tegeta Exploration, a company with coal mines that, according to Eskom, are critical for keeping the lights on in the country. But two questions stand out: Who is buying Tegeta, and who is selling it? Neighbours in the vicinity of the […]
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Guptas get bailed out of another SA business after Swiss Company is investing R2,97b

Oakbay flogging Tegeta for amazingly quick profit of nearly R800million. A United Arab Emirates businessman using a Swiss shelf company is investing R2.97-billion to buy the Gupta family’s Tegeta mining company, which is under investigation for dubious dealings in its purchase of the Optimum colliery. Tegeta Resources and Exploration will be sold by Oakbay Investments, […]
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Are the Guptas starting to feel the heat?

Gupta-owned Oakbay Investments has sold Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97-billion, it announced on Wednesday. The firm is at the centre of former Public Protector Thuli Madonsela’s State of Capture report, which found irregularities with its dealings with Eskom. Brian Molefe stepped down as a result of the report in […]
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Energy fund faces ruin if state mining company moves to Zwane’s department.

The Central Energy Fund (CEF) faces financial ruin when Energy Minister Mmamoloko Kubayi hands the state’s mining company, African Exploration Mining and Finance Corporation, to the department of mineral resources. This will take place in the few months left of this financial year. Sources in the department have told the Mail & Guardian it will […]
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Latest version of mining charter would destroy industry- black ownership target upped to 30%

The Chamber of Mines made an urgent application to the Pretoria High Court yesterday for an order preventing the implementation of the latest version of the mining charter, warning that it would destroy the industry. In its application, the chamber states that its members are fully committed to the transformational objectives of the Mineral and […]
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Amcu criticize – Government not prioritising families of slain Marikan worker in terms of housing, education and skills development

The trust fund says if the victims of Marikana were important to the state much more assistance would have been given by now. JOHANNESBURG – The Marikana Massacre Amcu Trust Fund says the government is not prioritising the widows and families of the slain mine workers. The trust fund says if the victims of Marikana […]
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Markets Bloodbath As Zwane Shocks Mining Sector

Mineral Resources Minister Mosebenzi Zwane. (Pic: Gallo Images) There was a bloodbath on the floor of South Africa’s markets on Thursday, after Mineral Resources Minister Mosebenzi Zwane announced a new stringent law that will force mining firms to restructure their ownership to ensure they have 30% black ownership within 12 months. The rand dived by […]
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Some good news:- Court throws out fracking application for KZN.

The Western Cape High Court has set aside a prospecting right application, which could have opened the way for fracking in South Africa. The court’s decision could put the brakes on a number of similar prospecting applications if they followed the same process. Fracking has not yet been signed off in South Africa. But a […]
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Eskom warns of winter power cuts – unless Treasury signs new coal deals with Gupta owned company

Eskom chairman Ben Ngubane has warned that South Africans can expect power cuts this winter unless the National Treasury urgently signs purchase agreements so Eskom can build up its coal reserves, according to a report by TimesLive. Speaking at the sidelines of African Utility Week conference at the Cape Town International Convention Centre, Ngubane noted […]
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