'Irregular expenditure stems from a contract that didnt follow due process'
Transnet has reported R49 billion in irregular expenditure for the 2018/2019 financial year, a huge increase from R8 billion in irregular expenditure in the previous year.
The company is also dealing with allegations of mass-scale corruption, fraud and maladministration from the state capture years.
Bongani Bingwa chats to the state-owned enterprise's acting CEO Mohamed Mohamedy on these latest figures.
This is irregular expenditures that have occurred on contracts may not have followed due procurement process and it doesn't mean that we didn't receive value for this spent, but it is process issues.Mohamed Mohamedy, Acting CEO - Transnet
He says the vast majority of irregular expenditure reported in the current year related to contracts entered into in previous years.
Listen below to the full interview below:
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