“The evidence before us established that the time when Mr Singh adopted the lower hurdle rate of 15.2%, Transnet had not amended its hurdle rate policy. Mr Singh knew that. The inference is irresistible that Mr Singh applied a lower hurdle rate to achieve a positive NPV [net present value], and consequently a representation to Transnet's board that the 1,064 Locomotive Deal remained profitable, notwithstanding the substantial increase of the total cost of acquisition to R54.5bn.
It also charged him for the failure to present “the best and final offers that had been received from the bidders” to the Transnet board before they had been signed. “Even though Mr Singh was not the head of procurement, as the group CFO he ought to have known that such contracts could not be concluded before Transnet's board had approved them. He was either complicit or supine, both of which we consider to be improper conduct. We therefore find Mr Singh guilty,” the institute found.
Saica probed Singh's conduct in approving payments in excess of R30m to Trillian “in circumstances where there was no contract between Eskom and Trillion [sic]”. It was equally clear that invoices were sent by Trillion to Mr Singh's e-mail address and that he approved their payment. He did so without ascertaining whether the payments could and should be made.
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