Coal scuttle


Coal scuttle

Billions made by “strange” investors  under the cloak of black economic empowerment.

The saga of Optimum Coal is testimony, surely, to the extraordinary sophistication of some of the mind-boggling transactions that sweep invisibly through South Africa from time to time.

As part of its “BEE requirements”, BHP Billiton, the world’s biggest diversified resources group, sold Optimum Coal, a wholly-South African asset, into a BEE transaction. It is clear that BHP Billiton was interested only in the “BEE credits” it would receive for the deal, rather than in implementing the BEE deal itself.

This was and is not unusual. BEE legislation is opaque and vague, often embarrassing, and includes various heavyweight discretions for politicians.

Like to see more ?


Subscribe to our on-line edition !

For a mere R298.00 per year you get the convenience of our online version including:
  • Twelve monthly issues of Noseweek delivered to your browser
  • A searchable archive
  • Access to every back issue since 1993 !
  • A downloadable PDF version

If it’s just the article you are after, you can purchase it by clicking here.

Tempted ?


For a taste of what awaits you, you are welcome to browse this free issue.

Keywords:
B E E
Optimum Coal
Cyril Ramaphosa
Bhp Billiton
Lexshell
Glencore
Adam Fleming
Wits Gold
Chancellor House
Taole Mokoena
Thomas Borman
Henry White
Douglas Gain
Afarak
East Accrington Foundation
Rhodora
Mlungini Kwini
Mike Teke
Sivi Gounden
Share this article:

Sharing is caring

Reader's comments

Like to add your own comment ? Please click here to subscribe - OR -

Disclaimer

While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the authors nor the publishers of this website bear any responsibility for the consequences of any actions based on the information contained therein.