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.

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Optimum Coal
Cyril Ramaphosa
Bhp Billiton
Adam Fleming
Wits Gold
Chancellor House
Taole Mokoena
Thomas Borman
Henry White
Douglas Gain
East Accrington Foundation
Mlungini Kwini
Mike Teke
Sivi Gounden
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