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'Irregular expenditure stems from a contract that didnt follow due process'

1 October 2019 9:28 AM
Tags:
Transnet
irregular expenditure
R49 billion

Transnet's acting CEO Mohamed Mohamedy explains the latest figures for the company in the past financial year.

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.

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

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:


1 October 2019 9:28 AM
Tags:
Transnet
irregular expenditure
R49 billion

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