Eskom got it wrong, it is them who owes us – Stefanutti Stocks

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Sunday World

Embattled construction firm Stefanutti Stocks has denied the contents of Eskom briefing document which said amongst other things, that the company been overpaid by Eskom in relation to certain projects.

The company in a market update statement said it has considered the briefing document.

“That said, Stefanutti Stocks disputes that it, or the joint ventures in which it participates, have been overpaid. As previously highlighted to shareholders in various announcements and updates since late 2018, the group is pursuing a number of contractual claims and compensation events on these large public sector power projects involving Eskom, and due to the complexity of the claims, the processes remain ongoing,” the company said.

Eskom has told legislators that several construction firms benefited from overpayments totalling R4 billion in the construction of Kusile power station.

The power utility, ABB, Stefanutti Stocks and Basil Read JV, as well as Stefanutti Stocks Izazi JV and Tubular Construction received an R1 billion in overpayment, while Tenova Mining and Minerals got R735 million, according to Eskom’s records.

Stefanutti Stocks has shrinked considerably over the last few years and is now valued at under R55 million – the group has lost more than 95% of its value since its August 2007 debut on the JSE..

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