Former contractor implicated in R745m Eskom fraud case due in court in London 20 May 2021 - 11:51 Former Eskom contractor Michael Lomas was arrested in the UK in connection with a R745m corruption and fraud investigation into the construction of the mega coal-fired Kusile power station in Mpumalanga. File photo. Image: Waldo Swiegers/Sunday Times
Former Eskom contractor Michael Lomas, who was arrested in the UK where he is a citizen, is expected to make his second court appearance in London on Thursday.
Lomas, who was arrested on April 15, was released on strict bail by the Westminster magistrate’s court.
Last year, the Indian Banks Association (IBA) had made a proposal for the creation of a bad bank for swift resolution of non-performing assets (NPAs). The government accepted the proposal and decided to go for asset reconstruction company (ARC) and asset management company (AMC) model for this.
Zuma files plea to remove Downer from corruption trial Updated
Nomfundo Ngcobo
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Former president Jacob Zuma has officially filed his special plea affidavit that seeks to have the State s lead prosecutor, Advocate Billy Downer removed from his corruption trial.
Image courtesy: AFP
It says the issues raised were previously rejected by the courts.
Zuma and co-accused French arms company, Thales case is linked to the multi-billion rand arms deal.
NPA spokesperson Sipho Ngwema says the prosecutions body will reject the plea application in court. The NPA received the documents at 11pm last night from Mr Zuma s lawyers on his plea explanation. The NPA will study the document and respond extensively in court as is required.
NEW DELHI: Banks are likely to transfer about 80 large NPA accounts for the resolution to National Asset Reconstruction Company Ltd (NARCL), which is expected to be operational by next month.
NARCL is the name coined for the bad bank announced in the Budget 2021-22. A bad bank refers to a financial institution that takes over the bad assets of lenders and undertakes resolution.
The size of each of these NPAs accounts is over Rs 500 crore and the banks have identified about 70-80 such accounts to be transferred to the proposed bad bank, sources said.
It is expected that NPAs over Rs 2 lakh crore will move out of the books of the banks to the bad bank, they added.
Zuma expected to file papers to support application for Downer’s recusal 19 May 2021 Former president Jacob Zuma shares a light moment with a member of his legal team at the Pietermaritzburg high court on Monday. Image: Sandile Ndlovu
The National Prosecuting Authority (NPA) will on Wednesday learn the reasons behind former president Jacob Zuma’s objection to advocate Billy Downer prosecuting him when he files his affidavit in the Pietermaritzburg high court.
A member of Zuma’s legal team told TimesLIVE the papers were with the former president’s attorneys. It is not known at what time the affidavit will be filed.