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...


Recommended

by NEWSROOM AI
Read More
'Mathematics syllabus is enormous to be covered within a year,' says expert

'Mathematics syllabus is enormous to be covered within a year,' says expert

Wits University mathematics lecturer Dr Jacques du Plessis says teachers are racing against time in the classroom.

Former Reserve Bank deputy governor Daniel Mminele appointed Absa CEO

Former Reserve Bank deputy governor Daniel Mminele appointed Absa CEO

Absa head of corporate communications Songezo Zibi says Mminele has pedigree both in terms of policy and commercial banking.

 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
FW de Klerk withdraws and apologies for offensive apartheid remarks

FW de Klerk withdraws and apologies for offensive apartheid remarks

Former UN high commissioner for human rights Judge Navi Pillay says the ICC has jurisdiction from when SA signed Rome Statute.

OR Tambo introduces new bag collection service in Johannesburg

OR Tambo introduces new bag collection service in Johannesburg

Joanne Joseph spoke to BagPortr founder Juan van Rensburg to find out more and whether this will work.

SAB launches Zenzele Kabili scheme

SAB launches Zenzele Kabili scheme

The old scheme Zenzele BB-BEE scheme is winding down in April and it has generated almost R14 billion in value for South African.

UKZN staff suspend picket as university calls for talks

UKZN staff suspend picket as university calls for talks

EWN reporter Nkosikhona Duma says the SRC has reached a deadlock with the university management over historical debt.

EFF to face Parliament's powers and privileges committee over disruptions, again

EFF to face Parliament's powers and privileges committee over disruptions, again

EWN parliamentary correspondent Babalo Ndenze says this is an official referral that has been published by Parliament.

ANC wants FW de Klerk to retract statement 'that undermines our people'

ANC wants FW de Klerk to retract statement 'that undermines our people'

African National Congress Pule Mabe says as a party they have procedures they use to voice concerns.

Now that you have offshore in context, it's time to start investing

Now that you have offshore in context, it's time to start investing

Refilwe Moloto and Pieter Koekemoer get their hands dirty and find out how offshore investing works, practically.

Peter Moyo urges Old Mutual to 'stop unlawful act, await appeal process'

Peter Moyo urges Old Mutual to 'stop unlawful act, await appeal process'

Lawyer Eric Mabuza explains why Old Mutual should not be going through the process of hiring a new CEO.

 Panyaza Lesufi: 'How do I tell parents their children are no more?'

Panyaza Lesufi: 'How do I tell parents their children are no more?'

The Gauteng education MEC says he will visit 19 pupils in hospital and that it is only three pupils that are critically injured.

[LISTEN]  Changing perceptions around parental involvement and engagement

[LISTEN] Changing perceptions around parental involvement and engagement

How else can parents be actively involved and engaged in their children's upbringing and schooling?