Former chief justice Sandile Ngcobo has criticized Karpowership's Turkish owner over its biased and oppressive shareholders' agreement with its black empowerment partners.
Former chief justice Sandile Ngcobo has delivered a damning arbitration ruling in the fight over Karpowership 's BEE shareholding. Ngcobo described clauses of the shareholder agreement as 'biased', 'oppressive' and 'so unreasonable as to offend the core foundational value of equality'. Former chief justice Sandile Ngcobo has eviscerated Karpowership 's Turkish owner over its 'biased' and 'oppressive' shareholders' agreement with its black empowerment partners .
Powergroup SA turned to arbitration when Turkey's Karadeniz tried to evict it from the R218-billion deal to supply emergency power to Eskom for the next 20 years. In February, Karadeniz told Powergroup that it needed to fund its portions of a $5 million (R93 million) the Turkish parent said was needed to get the Karpowership deal over the line
Chief Justice Karpowership Shareholders' Agreement Biased Oppressive Black Empowerment Partners
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