South Africa

Emfuleni Local Municipality shames itself into the legal record books

PREMIUM!

The R492m default judgment awarded against the municipality is unheard of, and the eye-watering interest of R134 834.49 per day equally so.

PREMIUM!

Emfuleni Local Municipality shames itself into the legal record books

The Sheriff of the Court seizes property worth hundreds of millions at the Emfuleni Local Municipality offices in Vanderbijlpark, 11 March 2020, for their non-payment of 2.3 billion debt to Eskom. Picture: Nigel Sibanda

Earlier this month Acting Judge Anthony Millar of the Johannesburg High Court granted what lawyers told Moneyweb must surely be the highest rand value default judgment granted in South African legal history: R492 145 879.49. The court also awarded interest at 10% per annum, which amounts to an eye-watering R134 834.49 per day. The Beijing Fuxing Xiao Cheng Electronic Technology Stock Co Limited JV Ole Power Systems (BFX-OLE), a supplier of smart electricity and water meters, had entered into a public-private partnership (PPP) with the ANC-led Emfuleni Local Municipality (ELM). BFX’s local partner is Gauteng company Ole Power Systems. Emfuleni Local Municipality...

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