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Singh failed to disclose Tegeta's request for R600m prepayment to Eskom – Saica

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Singh failed to disclose Tegeta's request for R600m prepayment to Eskom – Saica

Former Eskom CFO Anoj Singh
Photo by Creamer Media
Former Eskom CFO Anoj Singh

19th June 2018

By: African News Agency

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Disgraced former Eskom chief financial officer, Anoj Singh, failed to disclose to the board of the power utility the true reason for Gupta-owned Tegeta's request for almost R600-million from Eskom, the South African Institute of Chartered Accountants (Saica) said on Tuesday.

Saica announced that it had charged Singh with misconduct following an extensive period of investigation and alleged that he contravened principles of integrity, objectivity, confidentiality, and professional behaviour.

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Gupta mining company, Tegeta Exploration, was given a controversial R587-million "pre-payment" by Eskom within six hours of South Africa's three major banks refusing to finance its bid to buy Optimum coal mines in Mpumalanga. 

Saica said that Singh was "knowingly associated" with reports, returns, communications or other information where he knew or believed, or ought reasonably to have known, that the information contained a materially false or misleading statements which were furnished recklessly, and omitted or obscured information required to be included.

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"After Mr. Singh became aware that he was associated with such information, he failed to take steps to be disassociated from that information," Saica said.

Singh resigned from Eskom in January after being placed on suspension by the power utility in September 2017 following allegations that he was involved in irregularly awarding contracts to Gupta-linked businesses, and also received gifts and trips from the controversial family.

Saica said that Singh had conducted himself in a manner which was "discreditable, dishonourable, dishonest, irregular or unworthy, or which is derogatory to the institute, or tends to bring the profession of accountancy into disrepute".

The accountancy body added that Singh had compromised his professional or business judgement because of bias, conflict of interest or the undue influence of others.

Saica also said Singh had failed to comply with relevant laws and regulations and to avoid any conduct that he knew or should have known may discredit the accountancy profession. 

Singh has 21 days to respond to Saica with a response to the charges before that matter is referred for adjudication before the Professional Conduct Committee.

If found guilty, Singh faces a fine of up to R250,000 per charge, have his membership suspended for a period not exceeding 12 months, or have his case referred to the disciplinary committee. 

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