Oilgate resolved - SA scores *not yet*

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Jack Welles
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Oilgate resolved - SA scores *not yet*

Unread post by Jack Welles » Thu Aug 01, 2019 3:17 pm

Quick recap - oil reserves sold cheap without due process for +-R4,5 billion ($28/barrel), while money paid (I think) to SA, stored all this time in Saldanha.

Fast forward to deal challenged in court by State. Glencore defends. State wants to file extra papers with new info. Glencore objects and files papers to challenge. On court steps Glencore reads what in extra papers. Doesn't want them made public, folds. Cancels court challenge. SA pays back original money, scores the interest thereon (I think). Keeps the oil. Still in Saldaha. Deal still being investigated by Hawks/NPA, but the money/oil side has been resolved.

One for the good guys =D>
Last edited by Jack Welles on Mon Aug 12, 2019 2:50 pm, edited 1 time in total.
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Re: Oilgate resolved - SA scores

Unread post by Whirly » Thu Aug 01, 2019 4:08 pm

Great news! Now one can just wonder what was in those extra papers? :?

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Re: Oilgate resolved - SA scores

Unread post by Jack Welles » Thu Aug 01, 2019 4:24 pm

Whirly wrote:
Thu Aug 01, 2019 4:08 pm
Great news! Now one can just wonder what was in those extra papers? :? Whirly.
Love to know that myself. First thought was some sort of govt corruption deal (sadly automatic response in SA at this time) but then I wondered if that were so, given that they were prepared to file the papers in court. Who knows?

Maybe it will remain one of life's great mysteries :evil:
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Re: Oilgate resolved - SA scores

Unread post by Marius Schrenk » Thu Aug 01, 2019 6:02 pm

Jack Welles wrote:
Thu Aug 01, 2019 3:17 pm
Quick recap - oil reserves sold cheap without due process for +-R4,5 billion ($28/barrel), while money paid (I think) to SA, stored all this time in Saldanha.

Fast forward to deal challenged in court by State. Glencore defends. State wants to file extra papers with new info. Glencore objects and files papers to challenge. On court steps Glencore reads what in extra papers. Doesn't want them made public, folds. Cancels court challenge. SA pays back original money, scores the interest thereon (I think). Keeps the oil. Still in Saldaha. Deal still being investigated by Hawks/NPA, but the money/oil side has been resolved.

One for the good guys =D>
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Re: Oilgate resolved - SA scores

Unread post by Marius Schrenk » Thu Aug 01, 2019 6:05 pm

Jack Welles wrote:
Thu Aug 01, 2019 4:24 pm
Whirly wrote:
Thu Aug 01, 2019 4:08 pm
Great news! Now one can just wonder what was in those extra papers? :? Whirly.
Love to know that myself. First thought was some sort of govt corruption deal (sadly automatic response in SA at this time) but then I wondered if that were so, given that they were prepared to file the papers in court. Who knows?

Maybe it will remain one of life's great mysteries :evil:
One wonders if Glencor would now claim back Tegeta coal mine ? :? (minus the R2 billion exdom fine.)
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Re: Oilgate resolved - SA scores

Unread post by C Africa » Sun Aug 11, 2019 6:18 pm

Not sure this resolves the REAL issue. The company paid a huge amount to the ANC's campaign fund in exchange for the cheap oil deal if I remember correctly.

One more thing to remember, this all happened under Thabo's watch, so is NO-ONE not involved in bribery?



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Re: Oilgate resolved - SA scores

Unread post by Jack Welles » Mon Aug 12, 2019 8:15 am

C Africa wrote:
Sun Aug 11, 2019 6:18 pm
Not sure this resolves the REAL issue. The company paid a huge amount to the ANC's campaign fund in exchange for the cheap oil deal if I remember correctly. One more thing to remember, this all happened under Thabo's watch, so is NO-ONE not involved in bribery? C
Beg to differ. The REAL issue, as you put it, is that SA got its oil back at no loss to itself despite the numpties doing a stupid deal. Everything else is peripheral and a mere bagatelle.

If Glencore paid an amount to the ANC to "facilitate" the deal then good luck to the ANC who scored the money for nothing given that I can't see them paying it back to Glencore if it's true in the first place. In that case toughies on Glencore (unless you've got shares in the company, of course, because it would then be understandable why it irks you).
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Re: Oilgate resolved - SA scores

Unread post by Whirly » Mon Aug 12, 2019 10:31 am

I have not seen or heard anything in the news about this, did I just miss it? :?

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Re: Oilgate resolved - SA scores

Unread post by Jack Welles » Mon Aug 12, 2019 10:55 am

Whirly wrote:
Mon Aug 12, 2019 10:31 am
I have not seen or heard anything in the news about this, did I just miss it? :? Whirly.
:D does this mean that in your view, because you've never heard of it (like SA govt's free sterilization programs and (somewhat scrappy?) attempts at over-population control), it doesn't exist? :twisted:
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Re: Oilgate resolved - SA scores

Unread post by Christo » Mon Aug 12, 2019 11:00 am

Jack Welles wrote:
Mon Aug 12, 2019 10:55 am
Whirly wrote:
Mon Aug 12, 2019 10:31 am
I have not seen or heard anything in the news about this, did I just miss it? :? Whirly.
:D does this mean that in your view, because you've never heard of it (like SA govt's free sterilization programs and (somewhat scrappy?) attempts at over-population control), it doesn't exist? :twisted:
I think he meant it is kinda a big thing but there is nothing about it in the news.
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Re: Oilgate resolved - SA scores

Unread post by excolonial » Mon Aug 12, 2019 11:10 am

Certainly pleasing to see that they lost out on their dubious influence peddling, and perhaps the reasons are irrelevant, but I suspect the real reason is quite simple - there is a new rooster in the barnyard.
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Re: Oilgate resolved - SA scores

Unread post by Jack Welles » Mon Aug 12, 2019 11:13 am

Christo wrote:
Mon Aug 12, 2019 11:00 am
Jack Welles wrote:
Mon Aug 12, 2019 10:55 am
Whirly wrote:
Mon Aug 12, 2019 10:31 am
I have not seen or heard anything in the news about this, did I just miss it? :? Whirly.
:D does this mean that in your view, because you've never heard of it (like SA govt's free sterilization programs and (somewhat scrappy?) attempts at over-population control), it doesn't exist? :twisted:
I think he meant it is kinda a big thing but there is nothing about it in the news.
Thanks, Christo. I know, was just winding Whirly up about a past difference of opinion :D

AFAIK scuttlebutt has it that Glencore didn't want certain commercial info made public (via pleadings to be filed in the court case) and backed off on the court steps when told that that's what was next on the menu. If that's correct (and FWIW I believe it to be so) then that's probably why it didn't make the media.
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Re: Oilgate resolved - SA scores

Unread post by Jack Welles » Mon Aug 12, 2019 12:40 pm

Okay, I've just a heads-up on this and the case isn't over yet. Glencore withdrew its interlocutory application to avoid certain commercial info being made public. So my initial info that the main application was finalised was somewhat premature :oops:

Maybe that's why Whirly hasn't heard about it :lol: (ie, because it hasn't happened yet)
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Re: Oilgate resolved - SA scores

Unread post by Iceberg » Mon Aug 12, 2019 1:13 pm

Jack Welles wrote:
Mon Aug 12, 2019 12:40 pm
Okay, I've just a heads-up on this and the case isn't over yet. Glencore withdrew its interlocutory application to avoid certain commercial info being made public. So my initial info that the main application was finalised was somewhat premature :oops:

Maybe that's why Whirly hasn't heard about it :lol: (ie, because it hasn't happened yet)
:lol: :lol: Taking the optimistic view of SA a bit far, not? :twisted:
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Re: Oilgate resolved - SA scores

Unread post by Jack Welles » Mon Aug 12, 2019 2:28 pm

Iceberg wrote:
Mon Aug 12, 2019 1:13 pm
Jack Welles wrote:
Mon Aug 12, 2019 12:40 pm
Okay, I've just a heads-up on this and the case isn't over yet. Glencore withdrew its interlocutory application to avoid certain commercial info being made public. So my initial info that the main application was finalised was somewhat premature :oops:

Maybe that's why Whirly hasn't heard about it :lol: (ie, because it hasn't happened yet)
:lol: :lol: Taking the optimistic view of SA a bit far, not? :twisted:
:D hmmm, maybe - maybe simpler than that, I was thinking more along the lines of just basically make an egg of myself for not reading properly :oops: :lol:
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