'Transnet to go toe-to-toe with auditors over R49bn irregular expenditure'

State-owned utility Transnet revenue has grown slightly by 1.6% but the company is s embroiled in a spat with its auditors over items in R49bn irregular expenditure reported in its 2019 financial year.

Acting group CEO Mohammed Mohamedy stated that the vast majority of irregular expenditure reported in the current year related to contracts entered into in prior years.

Eyewitness News reporter Theto Mahlakoana has more.

The results that were presented by the company show that there is an attempt by the current executives, who are mostly in an acting capacity, that the revenue has grown slightly by 1.6%.

Theto Mahlakoana, Reporter - Eyewitness News

There are a lot of positive indications but the bigger problem is that the company has to go toe-to-toe over the R49bn over irregular expenditure.

Theto Mahlakoana, Reporter - Eyewitness News

Listen to the full interview below...


Recommended

by NEWSROOM AI
Read More
Dis-Chem launches drive-through COVID-19 testing sites

Dis-Chem launches drive-through COVID-19 testing sites

The company says the tests will cost R850 each and it may take 24 to 48 hours to get your results back.

Only fruit and veg, fresh meat, grocery, spaza shop permits to be issued - Cogta

Only fruit and veg, fresh meat, grocery, spaza shop permits to be issued - Cogta

Deputy Minister Obed Bapela says permits fro cooked food will not be issued as well as furniture shots.

Lockdown shelters in Tshwane helping reunite the homeless with their families

Lockdown shelters in Tshwane helping reunite the homeless with their families

Joanne Joseph speaks to City of Tshwane administrator spokesperson Omogolo Taunyane- Mnguni to find out more.

[Active citizenry] Assist Kate Ballenden give 100 food parcels to those in need

[Active citizenry] Assist Kate Ballenden give 100 food parcels to those in need

Ballenden says she has given out 60 food hampers so far and aims to pass the 100 mark.

Prasa to provide reduced train services during strike

Prasa to provide reduced train services during strike

Spokesperson Nana Zenani weighs in on how the planned picket by some employees on Friday will affect commuters.

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

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

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

Popular articles
What are the opportunities that lie ahead for SA after COVID-19?

What are the opportunities that lie ahead for SA after COVID-19?

Tech entrepreneur Alan Knott-Craig gives reasons the country is in a better position during the outbreak than other places.

 'Easter during COVID-19 outbreak must be time to be introspective about faith'

'Easter during COVID-19 outbreak must be time to be introspective about faith'

South African Council of Churches general-secretary Bishop Malusi Mpumlwana reflects on the upcoming Easter holiday in a lockdown.

COVID-19 death toll rises to 18 in SA, cases at 1,845

COVID-19 death toll rises to 18 in SA, cases at 1,845

In a statement released on Wednesday night, the minister said the cases had gone up to 1,845.

Lockdown: Companies with good service on social media - and those without

Lockdown: Companies with good service on social media - and those without

Consumer journalist Wendy Knowler investigates which companies are meeting their customers’ needs on social media.

How to support outdoor entertainment indoors

How to support outdoor entertainment indoors

Theatres across the world have gone dark, but you can still support and watch the arts while at home

How did a single Netcare hospital become the epicentre of Covid-19 in KZN?

How did a single Netcare hospital become the epicentre of Covid-19 in KZN?

Bruce Whitfield interviews Richard Friedland, CEO at Netcare – owner of the hospital at the epicentre of KZN’s Covid-19 outbreak.

Expect no price hikes or shortages (except rice, pasta) from us - Tiger Brands

Expect no price hikes or shortages (except rice, pasta) from us - Tiger Brands

Tiger Brands CEO Noel Doyle assures South Africans that there are sufficient supplies of most of the company's products.

Dis-Chem launches drive-through COVID-19 testing sites

Dis-Chem launches drive-through COVID-19 testing sites

The company says the tests will cost R850 each and it may take 24 to 48 hours to get your results back.

#COVID-19: Old Mutual offers 4bn worth of free life cover to health workers

#COVID-19: Old Mutual offers 4bn worth of free life cover to health workers

The company is making it available to approximately 430,000 registered healthcare workers on the front-line of the pandemic.

Lockdown shelters in Tshwane helping reunite the homeless with their families

Lockdown shelters in Tshwane helping reunite the homeless with their families

Joanne Joseph speaks to City of Tshwane administrator spokesperson Omogolo Taunyane- Mnguni to find out more.