"McKinsey's submission or proposal was non-responsive and should not have been entertained," said Sedumedi.
Later that year, in August, Singh compiled a memorandum and forwarded it to Molefe. It detailed a conflict of interest between two companies in McKinsey's consortium, Letsema and Barloworld, and advised that Letsema be replaced by another entity.Then, in December 2012, Transnet concluded a letter of intent appointing the McKinsey consortium as a transaction adviser. Letsema had by this time been replaced by Regiments Capital, a company run by Gupta family associate Niven Pillay.
"It then goes without saying that any person that substitutes Letsema or any member should be put through at least the same process to determine if the McKinsey consortium still meets the requirement of being the best supplier," said Sedumedi. This was not done, and the LOI was issued for nine months - and thereafter extended for another month until November 30 2013.The MNS investigation found that Singh then signed another agreement, allowing Regiments to provide some of the transaction advisory services contracted to the McKinsey consortium of which it was a part of. This was for 12 months, commencing in January 2014.
"This agreement is irregular as there is no procurement event between Regiments and Transnet. Singh does not have the authority to appoint transaction advisers on behalf of Transnet," said Sedumedi.
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