Trillian Capital Partners
Trillian Capital Partners was a financial and management consulting firm established as an offshoot of Regiments Capital, positioned to extract value from South Africa’s state-owned enterprises. Majority owned by Gupta Family lieutenant Salim Essa; CEO was Eric Wood. Trillian, alongside McKinsey, extracted approximately R1.6 billion from Eskom and additional millions from Transnet, in a scheme the Zondo Commission characterised as “rampant corruption” designed to benefit Essa. Three Trillian companies also contributed R235 million toward the Gupta purchase of Optimum Coal Mine.
McKinsey relationship: Trillian’s involvement at Eskom alongside McKinsey began in early 2015. In December 2015, Trillian CEO Eric Wood and ICM director Angel signed a memorandum with McKinsey SA partners Vikas Sagar and Alex Weiss outlining their partnership on Eskom work. Whistleblower Bianca Goodson (former Trillian CEO) provided evidence to Parliament showing McKinsey’s full involvement, despite McKinsey’s public denials of a formal contract with Trillian. Together, the two extracted ~R1.6 billion from Eskom.
Transnet: Trillian also earned millions from Transnet in connection with the broader locomotive deal state capture scheme. The Zondo Commission found these payments were part of the “extensive money laundering scheme directed by Essa on behalf of the Gupta enterprise.”
Optimum Coal Mine: Three Trillian companies were named in the Public Protector report as having contributed R235 million toward the Gupta consortium’s acquisition of Optimum Coal Mine — an acquisition facilitated by Brian Molefe and Anoj Singh’s extraordinary R586 million advance payment to Tegeta Exploration & Resources.
Zondo findings: Zondo found that Brian Molefe, Anoj Singh and Matshela Koko were “central to the Trillian scandal, a scheme designed to exploit Eskom and benefit Salim Essa.” Molefe and Singh “facilitated the conclusion of irregular contracts at inflated prices, variously through deviations, improper confinement and the changing of tender evaluation criteria in order to facilitate the entry of companies involved in the extensive money laundering scheme.”
Prosecution: Eric Wood was arrested in connection with corruption at Transnet. The National Prosecuting Authority (NPA) indicated it would seek the extradition of Salim Essa (believed to be outside South Africa). Directors of ICM — which enabled Trillian’s establishment — had not been charged as of 2023 per Open Secrets reporting.
Connections
- Gupta Family — Salim Essa (majority owner) is a key Gupta enterprise lieutenant
- Eskom — extracted ~R1.6bn alongside McKinsey; facilitated Optimum Coal Mine acquisition
- Transnet — extracted additional millions; connected to locomotive deal state capture
- Brian Molefe — “central to the Trillian scandal” per Zondo; CEO of both Transnet and Eskom during the period
- Zondo Commission — found “rampant corruption”; recommended prosecution of Essa, Wood, Molefe, Singh