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

For more listen here...


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


Recommended

by NEWSROOM AI
Read More
Marawa was personally told that his contract will be cancelled, says SuperSport

Marawa was personally told that his contract will be cancelled, says SuperSport

The popular sportscaster took to Twitter on Thursday night after receiving a text message notifying him not to come to work.

'It's unlikely that digital terrestrial television will be launched in 2019'

'It's unlikely that digital terrestrial television will be launched in 2019'

TechCentral founder and editor Duncan McLeod says most of the country is still on the analogue platform.

 Transnet kickbacks laid bare at the Zondo commission

Transnet kickbacks laid bare at the Zondo commission

Acting group chief executive Mohammed Mahomedy says contracts were awarded without the required procurement processes.

Putting the spotlight on Transnet looting at state capture inquiry

Putting the spotlight on Transnet looting at state capture inquiry

Journalist Erin Bates says governance executive manager did not disclose who was set to benefit and how the corruption occurred.

Popo Molefe follows money trail that goes all the way to the Guptas

Popo Molefe follows money trail that goes all the way to the Guptas

Transnet board chairperson reveals to Zondo commission machinations of Brian Molefe and other 'architects of state capture'.

Transnet looting in the spotlight at Zondo inquiry

Transnet looting in the spotlight at Zondo inquiry

State-owned company board chairperson Popo Molefe expected to be the first witness.

Popular articles
Schwarzenegger urges public not to give Sandton 'fan' the attention he craves

Schwarzenegger urges public not to give Sandton 'fan' the attention he craves

A video of a young man kicking actor and former US governor Arnold Schwarzenegger in the back on Saturday in Joburg went viral.

Heavy rains heading for Cape Town late Sunday night

Heavy rains heading for Cape Town late Sunday night

SA Weather Services has forecast a cold front landing in the Western Cape late on Sunday night into Monday morning.

[UPDATE] CapeTalkers help with funeral costs of murdered security guard

[UPDATE] CapeTalkers help with funeral costs of murdered security guard

Murdered Ernest Kanzi's sister-in-law Nikelwa Tshonepi's employer Mark van Wijk provides an update on fundraising efforts.

Brutal murder of Cape surfer leaves coastal community in shock

Brutal murder of Cape surfer leaves coastal community in shock

A 38-year-old Scarborough man was hijacked, forced into the boot of his car and later set it alight.

[LISTEN] 'I spent 12 years in jail for a murder I didn't commit'

[LISTEN] 'I spent 12 years in jail for a murder I didn't commit'

In 1990 Raphael Rowe was convicted and jailed for a murder he didn't commit. He shares his story with Sara-Jayne King.