Motau blasts firms' innocence plea in strategic oil stocks deal

Representing Taleveras Oil, Advocate Leon Kuschke (SC) denied an assertion by Outa that Taleveras sought to justify the contract, saying that Taleveras merely sought to explain their role and communicate that they accepted part of the contracts that constituted an invalidity. Kuschke said there was no evidence of payment to Mr Gumede's trust account being a direct bribe.

Representing Contango Trading, Advocate Gilbert Marcus (SC) said Contango suffered prejudicial financial losses from the transactions related to the oil sales, but that Contango was not involved in any collusion.

"There is no evidence like the evidence levelled against Telaveras being levelled against Contango. Traders except for Contango colluded with Mr Gumede to ensure the transaction went through," said Marcus.