Judgment reserved in the Investigating Directorate’s preservation order application on Optimum Coal Mine
11 March 2022
The High Court of South Africa, Gauteng Division, Pretoria reserved judgment indefinitely in two applications brought by the Investigating Directorate (ID).
The first pertains to how Tegeta Resources, a company owned and controlled by members of the Gupta family, acquired Optimum Coal Holdings from Glencore for
R2.1 billion.
The ID seeks to preserve all of Tegeta’s shares in Optimum Coal Mine (OCM) , all of Tegeta’s shares in Optimum Coal Terminal and the business of OCM. It is the ID’s case that all of these assets were acquired with the proceeds of crimes perpetrated against South African state-owned entities, including Transnet and Eskom.