Transnet's R2.9bn to conclude flood recovery and boost train capacity, Parliament hears | Business

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Transnet group CEO Portia Derby told Parliament on Wednesday that an appropriation of R2.9 billion was urgently needed to help the entity improve its locomotive capacity and continue its recovery from the flooding that occurred in KZN earlier this year.

Transnet group CEO Portia Derby says the entity needs R2.9 billion to aid its recovery from this year's floods and get locomotives running again.

Derby briefed Parliament's Standing Committee on Appropriations about the required allocation and the challenges that Transnet leadership has experienced with improving its locomotive capacity amid rising demand from customers. Derby said there had been"mergers across the board", including GE's locomotives business, which was sold to Wabtec. A settlement has been reached with GE Wabtec, she said."[T]hey have delivered all of the locos on their side, and this is in process to get towards a court order.

"Hopefully by January next year, we will have reached an agreement. To be frank, I think it's a lot more hopeful [for] all of the other OEMs, except for CRRC. There is definitely some support and some hard work still has to be done," Derby said. In terms of the KwaZulu-Natal floods, Derby said Transnet suffered significant damage, with total losses estimated at R7 billion and revenue loss estimated at R1.5 billion, which cannot be claimed as it is not insured."We are insured at R2.3 billion. However, we have to take the first loss of R500 million so the claim that we had to put with insurance is R1.8 billion, which is currently in assessment.

 

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So much money has been stolen from Transnet by ANC appointees which no attempt has been made to charge the thieves and recover the money and now they want more money in Transnet so more can be stolen. Another example of ANC failure through corruption, stealing and incompetence

DONT GIVE THEN ONE CENT!

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More monies for the ANC to steal . When will this govt learn .

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