"Nkandla loan" VBS Bank reportedly involved in Eskom diesel contracts

evilstebunny

Honorary Master
Joined
Dec 20, 2007
Messages
19,303
Pay my fine & we'll let you score some government contracts.. Zuptas, probably.

Anyway they're toast now, so there seems to be a little justice in the world after all.
 

CataclysmZA

Expert Member
Joined
Apr 1, 2010
Messages
4,233
So the PIC and Vele Investments buys a significant stake in VBS.

VBS uses their credit to give assurances to companies that went and bought diesel from Sasol in 2014-2015 through contracts.

Load shedding happens. Diesel is required to run the turbines. These companies sell on that diesel at inflated prices.

One of these companies is less than three months old and run by an ANC loyalist whose sole qualification is hairdressing. Somehow, it is awarded a tender for oil delivery.

Eskom paid R10.5b for oil that was previously bought for around R350m.

That is a massive, massive profit. How much of this made its way to the Guptas?
 

HavocXphere

Honorary Master
Joined
Oct 19, 2007
Messages
31,492
So the PIC and Vele Investments buys a significant stake in VBS.

VBS uses their credit to give assurances to companies that went and bought diesel from Sasol in 2014-2015 through contracts.

Load shedding happens. Diesel is required to run the turbines. These companies sell on that diesel at inflated prices.

One of these companies is less than three months old and run by an ANC loyalist whose sole qualification is hairdressing. Somehow, it is awarded a tender for oil delivery.

Eskom paid R10.5b for oil that was previously bought for around R350m.

That is a massive, massive [-]profit[/-] fraud. How much of this made its way to the Guptas?
ftfy

And on that scale I'd imagine an argument could be made for it being treason too
 
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