IDC risk officer to testify at State Capture InquiryIDC risk officer to testify at State Capture Inquiry

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The Chief Risk Officer of the Industrial Development Corporation (IDC) Mark Mainganya will on Friday testify at the Commission of Inquiry into State Capture in Parktown, Johannesburg.

The evidence is expected to focus on alleged fraud and corruption in the process of EML Energy securing funding from the IDC to supply fuel to SAA.

EML Energy supplied jet fuel to both South African Airways and SA Express at a grossly inflated cost. The company received R12.5-million in funding from the IDC.

Despite being awarded the contract the company failed to provide two million litres of fuel per month to the airliners.

The IDC officer is expected to shed more light on how EML Energy secured its funding through the corporation and if due diligence was followed, EML established a joint venture with Total to supply the fuel.

Watch Thursday’s proceedings at the State Capture Inquiry…

The post IDC risk officer to testify at State Capture Inquiry appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa’s news leader..

The Chief Risk Officer of the Industrial Development Corporation (IDC) Mark Mainganya will on Friday testify at the Commission of Inquiry into State Capture in Parktown, Johannesburg.

The evidence is expected to focus on alleged fraud and corruption in the process of EML Energy securing funding from the IDC to supply fuel to SAA.

EML Energy supplied jet fuel to both South African Airways and SA Express at a grossly inflated cost. The company received R12.5-million in funding from the IDC.

Despite being awarded the contract the company failed to provide two million litres of fuel per month to the airliners.

The IDC officer is expected to shed more light on how EML Energy secured its funding through the corporation and if due diligence was followed, EML established a joint venture with Total to supply the fuel.

Watch Thursday’s proceedings at the State Capture Inquiry…

The post IDC risk officer to testify at State Capture Inquiry appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa’s news leader..

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