Transnet paid millions for jobs it could have done, acting CEO tells commission

The state capture commission of inquiry on Thursday heard how Transnet paid millions in consultancy fees for services that could have been done internally.

Acting group chief executive Mohammed Mahomedy told the commission how an ill-advised interest rate swap on loans has cost Transnet more than R1bn.

We go back a few years, in 2015, when loans were negotiated for Transnet.

Barry Bateman, Senior reporter - EWN

READ: Putting the spotlight on Transnet looting at state capture inquiry

Regiments Capital and Trillian were brought in to do services that could and have been in the past performed by the internal treasury department.

Barry Bateman, Senior reporter - EWN

The two companies negotiated loans totalling R27bn and between them scored over R200m in commissions.

Barry Bateman, Senior reporter - EWN

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This article first appeared on 702 : Transnet paid millions for jobs it could have done, acting CEO tells commission


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