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

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...


Recommended

by NEWSROOM AI
Read More
'WhatsApp doesn't know what fake news is being sent'

'WhatsApp doesn't know what fake news is being sent'

Business Insider associate editor Phillip de Wet explains why WhatsApp can't stop fake news on its platforms.

[LOCKDOWN] Police close shops in Hillbrow, services in Zandspruit 'depressing'

[LOCKDOWN] Police close shops in Hillbrow, services in Zandspruit 'depressing'

Eyewitness News reporters Edwin Ntshidi and Theto Mahlakoana give updates on situations in the two areas.

LOCKDOWN: I believe courts will adopt common sense on joint custody - lawyer

LOCKDOWN: I believe courts will adopt common sense on joint custody - lawyer

Attorney Clorinda Scalco says there is some confusion despite a directive that parents can continue contact with their children.

Facility costs ballooned from R9m to more than R1bn, Zondo commission told

Facility costs ballooned from R9m to more than R1bn, Zondo commission told

MNS Attorneys' Thobani Mnyandu testified that Transnet just signed off the contracts without quantification of the costs.

How Transnet manufacturing facility costs hiked from R9m to over R100m

How Transnet manufacturing facility costs hiked from R9m to over R100m

The Zondo commission on Thursday heard testimony from Thobani Mnyandu of MNS Attorneys.

Several companies were unlawfully contracted to Transnet, Zondo Commission told

Several companies were unlawfully contracted to Transnet, Zondo Commission told

MNS Attorneys’ Tshiamo Sedumedi - whose firm investigated several multi-billion-rand contracts, testified on Wednesday.

Popular articles
COVID-19 cases in South Africa reach 1,187

COVID-19 cases in South Africa reach 1,187

The department said the numbers did not indicate a reduction in the number of infections.

[VIDEO] Motsepe family and associates pledge R1bn for fight against Covid-19

[VIDEO] Motsepe family and associates pledge R1bn for fight against Covid-19

The Motsepe family announced details of the donation on Saturday. Several hundred million rand will be available 'immediately'.

Lockdown Blues: How to create fun for your kids using basic home supplies

Lockdown Blues: How to create fun for your kids using basic home supplies

Parenting expert Nikki Bush kicks off a four-part series on becoming a hero to your children during the Covid-19 lockdown.

'CT needs neighbourhood watches authorised to help enforce lockdown compliance'

'CT needs neighbourhood watches authorised to help enforce lockdown compliance'

JP Smith says Capetonians were largely cooperative on Day One of lockdown, but there were pockets of 'massive' non-compliance.

'SANDF organising to fetch masks in China for SA medical personnel'

'SANDF organising to fetch masks in China for SA medical personnel'

Sama chair Dr Angelique Coetzee expands on the crisis facing hospitals and clinics because of a shortage of protective gear.

Moody's drops SA's credit rating to junk

Moody's drops SA's credit rating to junk

The ratings agency cited weak growth and a decline in fiscal strength as its main reasons for the downgrade.

Health Dept revises COVID-19 death toll down to 1

Health Dept revises COVID-19 death toll down to 1

The department also confirmed that the number of coronavirus cases now stood at 1,170.

Cele: Lockdown of SA a success

Cele: Lockdown of SA a success

Members of the COVID-19 national command council are updating the nation on the coronavirus lockdown situation.

[LOCKDOWN] Police close shops in Hillbrow, services in Zandspruit 'depressing'

[LOCKDOWN] Police close shops in Hillbrow, services in Zandspruit 'depressing'

Eyewitness News reporters Edwin Ntshidi and Theto Mahlakoana give updates on situations in the two areas.

ACDP leader Kenneth Meshoe and MP Steve Swart test positive for Covid-19

ACDP leader Kenneth Meshoe and MP Steve Swart test positive for Covid-19

The party released a statement on Friday confirming the news.