A company implicated in state capture contracts at Eskom has agreed to pay R2.5 billion to South Africa in reparations.
As part of its ongoing criminal investigation into complex corruption at Eskom, the National Prosecuting Authority’s Investigating Directorate has finalised a comprehensive settlement agreement with Swedish-Swiss multinational corporation ASEA Brown Boveri to pay over R2.5 billion in punitive reparations to South Africa.
According to the NPA, the agreement was reached in line with Section 64 of the Prevention of Organised Crime Act and is reflective of its two-pronged strategy to deal with corruption through prosecuting perpetrators and recovering stolen money. According to the NPA, ABB acknowledged liability in the saga and has taken responsibility for the alleged criminal conduct of its employees involving contracts with Eskom.
This settlement agreement was negotiated with partner countries, including the USA, Switzerland, Italy, and Germany. South Africa is getting the bulk of the settlement amount due to the nature of the crimes and the negative impact on South Africa and its people.
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