Gupta-linked Tegeta settles Eskom fine in arbitration

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Johannesburg - Tegeta Exploration & Resources, a company part-owned by the wealthy Gupta family, reached an arbitrated settlement over a fine levied on its Optimum coal mine by power utility Eskom Holdings.

The R2bn penalty was originally issued to the mine’s previous owner, Glencore, which put Optimum into bankruptcy protection in August 2015 after Eskom refused to amend an unprofitable coal-supply contract and fined the producer because the fuel didn’t meet specifications. 

Tegeta, a company in which both President Jacob Zuma’s son, Duduzane, and members of the Gupta family, who are friends with the president, have indirect interests, completed the purchase of the mine last year.

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