ANC to bag R50m from Eskom deals

Johannesburg - The ANC's investment arm Chancellor House will receive R50m over eight years in profit from the Eskom Medupi and Kusile power stations, Hitachi Power Africa said on Tuesday.

"Chancellor House will only share in the profits of the local scope and it will not be billions... We are looking at about R50m over a period of eight years. That's the magnitude," said Hitachi Power Africa CEO Johannes Musel.

That money would not go to any political party, said Musel, because the beneficiaries of the Chancellor House Trust were "natural persons".

"It will go back to natural persons such as women, the youth, the disabled, the aged... I see some of you are smiling. It's for you to speculate, it's for me to tell you the truth," Musel told reporters in Johannesburg.

Hitachi chief finance officer Robin Duff added: "We really want to put the record right. We have done what we can to ensure that there is no funding going to political parties."

The ANC owns 25% in Hitachi through Chancellor House and Hitachi has been awarded the contract to build boilers for the two power stations.

- Sapa