According to Makgatho, she received a proposal from Regiments on January 9, 2013, wherein the company offered their transaction advisory services for the 1,064 locomotive deal. The services included, among others, developing an optimal funding structure for the deal, financial risk management, an economic evaluation, and a collateral assessment.
"The interest rate that this proposal was quoting was much higher, the additional interest payment per annum was R150m. I told [Singh] I could not recommend the structure. [Singh] wanted a recommendation drawn up on the same day," she said. This time, Regiments apparently proposed that Transnet deviate from the normal practice of using commercial banks when conducting cross-currency swaps. It proposed that Transnet use the South African Reserve Bank as a counterparty.
"I told him it was a ticking time bomb and he just brushed me aside and he said that he would manage him ."The fourth proposal occurred between April and May 2013.
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