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Transnet deal with Regiments was a clear case of fraud, says finance expert

5 June 2019 4:51 PM
Tags:
State Capture
Transnet
Transnet accounting irregularities
Trillian
Regiments Capital
Trillian and Mckinsey

Jonathan Bloom tells the state capture commission of inquiry that Gupta-linked firm was paid money for work done by JP Morgan.

Corporate finance expert Dr Jonathan Bloom told the state capture commission of inquiry that some payments made by Transnet to Gupta-linked consultancy firm Regiments Capital were fraudulent.

The commission investigators commissioned Bloom to probe several questionable finance advisory contracts the state-owned company entered into.

Eyewitness News senior reporter Barry Bateman says on Wednesday the focus was on the interest rate swap.

READ: Transnet staffers involved in alleged corruption worth billions

He was tasked to investigate the various contracts that Transnet had entered into with the likes of Regiments Capital and Trillian.

Barry Bateman, Senior reporter - Eyewitness News

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

What we heard was that the work was not even done by Regiments. Part of the work was done by JP Morgan but it was Regiments that billed Transnet.

Barry Bateman, Senior reporter - Eyewitness News

Listen to the full interview below...


This article first appeared on 702 : Transnet deal with Regiments was a clear case of fraud, says finance expert


5 June 2019 4:51 PM
Tags:
State Capture
Transnet
Transnet accounting irregularities
Trillian
Regiments Capital
Trillian and Mckinsey

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