![]() The 20 (9) application was backed by the report of a forensic accountant (used in legal proceedings that the SA Revenue Service brought against Trillian), who concluded that the business of the various Trillian companies was indistinguishable and effectively managed as one single economic entity. This allowed for a composite liquidation, insolvency process and administration on the basis that each one of the companies was insolvent and needed to be wound up as one single and indivisible operation. The liquidators obtained an order in terms of Section 20 (9) of the Companies Act to collapse several other Trillian companies into TMC in January 2021. Trillian Management Consulting (TMC), a subsidiary of Trillian Capital Partners, was liquidated at the instance of Eskom over its inability to repay the parastatal R595-million - ill-gotten gains - per a high court order handed down in June 2019. McGowan is also hoping to intervene in proceedings brought by Optimum’s business rescue practitioners, Kurt Knoop and Louis Klopper, to liquidate the Gupta flagship company, Oakbay Investments. He recently landed unconditional approval from South Africa’s Competition Commission for his Liberty Coal to take over Optimum. This highly damaging contention by liquidators does not bode well for the Dubai-based McGowan. “CVL, CMSA and Trillian were all and remain puppets in the hands of the Gupta protagonists.” “Seen in its simplest form, CVL was the source of the offshore Gupta funding that was required to supplement the proceeds of the ill-gotten Gupta revenue generated pursuant to their unlawful local commerce and to advance the Gupta empire locally expended through CVL’s SA representative, CMSA. Murray, in an affidavit filed at the High Court in Johannesburg, says that ultimately, “Gupta associate Centaur Ventures” funded Oakbay/Tegeta’s acquisition of OCM, the largest coal supplier to Eskom and Essa’s acquisition of Nkonki. Now liquidators Cloete Murray, Sivalutchmee Moodliar and Ndumiso Sibiya charge that Centaur Mining SA (CMSA) was a Gupta affiliate.
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