THE ESKOM FILES | Money for jam: StefStocks, Basil Read accused of fleecing millions from Kusile 'scheme'

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The Eskom Files is an ongoing investigation by News24.
The Eskom Files is an ongoing investigation by News24.
News24

Stefanutti Stocks and Basil Read, two of the country's biggest construction companies, may have "wilfully and intentionally" facilitated a "potentially fraudulent scheme" when it paid R15 million to a third party for work at Kusile Power Station which was never done.  

The two companies, whose joint venture, SSBR, was awarded a contract of R1.6 billion in 2011 by Eskom, could neither show that the work by the third party had been done, nor could they produce a contract between themselves and the third party, Khabangwane Holdings. 

According to the report, the subcontracting of Khabangwane by SSBR, after the latter's contract was enlarged in 2016, was "irregular" and its conduct "concerning". SSBR even demanded a 20% handling fee to contract Khabangwane. 

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