Already reeling from an astronomical R1.8 billion debt due to the R12 billion club loan account that involved Nedbank – part of a consortium of lenders in 2015 – state-owned Transnet made a fraudulent payment of R7.5 million in commission fees to Gupta-linked Regiments Capital, the Commission of Inquiry into State Capture was told yesterday.
Transnet executives allegedly exposed the SOE to financial risk when deciding to convert interest rates from floating to fixed. “These rates were fixed at quite a high level and the sudden change seemed strange because it was not done in line with Transnet’s risk management policy, leading to the company paying lenders substantially.
On the capabilities of Transnet treasury to handle the transaction, Bloom said the Transnet treasury team “had all the expertise and there was no need for a transaction executing agent”.“The team had a combined 100 years’ experience and was rated by international consulting firm McKinsey in 2010 as one of the best treasuries in the world.”
Ahoembawe Nearly ALL statecaptureinquiry stories bar:Bosasa, GreasedTheGuptas with R100sMillions😩high end gangster schemes! People involved must be laughing, & long gone or 'still' employed in government. WipeTheirSmiles SAns need SOME HERO'S NDPP ShamilaBatohi
StateCaptureUpd Another lie.
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Gupta linked company unduly benefited from transactions with Transnet - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The Zondo Commission of Inquiry has heard of how Gupta-linked consulting firm Regiment Capital unduly benefited from multiple transactions with Transnet.
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