Swiss engineering firm Asea Brown Boveri (ABB) will pay more than R2.5 billion in punitive reparations to South Africa for its part in allegedly corrupt deals linked to Eskom’s Kusile power station.
The National Prosecuting Authority (NPA) announced on Thursday that its Investigating Directorate had finalised a settlement agreement with ABB.
The settlement “represents a bold and innovative step towards accountability and justice for alleged offenders, particularly in the form of restitution for the serious crimes committed at Eskom during the state capture period”, the statement said.
It said the amount must be paid into South Africa’s criminal asset recovery account within 60 days from 1 December and is in addition to the R1.6 billion that ABB paid to Eskom in 2020.
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Sarah Smit
Sarah Smit is a general news reporter at the Mail & Guardian. She covers topics relating to labour, corruption and the law.
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