[miningmx.com] – HITACHI has agreed to pay $19m to settle charges brought by the US Securities and Exchange Commission in which it is alleged it paid the African National Congress (ANC) front company Chancellor House $6m in connection with contracts to build the Medupi and Kusile power stations.
BDLive said the Japanese conglomerate agreed to settle the charges, but that it would be permanently enjoined from future violations. The $19m settlement was made without admitting or denying the allegations.
A $1m success fee and $5m in dividends was paid to Chancellor House which was, until last year the empowerment partner of Hitachi subsidiary Hitachi Power Africa, in which it was a 25% shareholder, said BDLive.
In 2007, the company won Eskom contracts valued at R38bn at the time, the newspaper said.
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