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

30 September 2019 4:49 PM
Tags:
Transnet
Transnet locomotives
Financial irregularities

Eyewitness News reporter Theto Mahlakoana gives details of the media briefing by acting group CEO Mohammed Mohamedy.

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...




30 September 2019 4:49 PM
Tags:
Transnet
Transnet locomotives
Financial irregularities

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