Transnet's acting chief executive Mohammed Mahomedy told the state capture inquiry on Thursday about transactions that should have 'raised red flags' for Transnet executives.Gupta-linked company Regiments Capital allegedly scored R227m for carrying out loan swaps on behalf of Transnet – a task the state-owned company's treasury team was more than capable of doing itself.
Mahomedy said that by 2015, Transnet had entered into a number of loan transactions with various foreign financial institutions. The loans, obtained from Germany, Canada and the Chinese Development bank, amassed to more than R30bn. This excluded another loan, a"club loan", for R12bn sought from five institutions. Click here for the latest news and analysis of the state capture inquiry
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
State capture company got R227m 'for work Transnet should have done itself'Gupta-linked company Regiments Capital allegedly scored R227m for carrying out loan swaps on behalf of Transnet – a task the state-owned company's treasury team was more than capable of doing by itself.
Source: TimesLIVE - 🏆 28. / 59 Read more »
State capture company got R227m 'for work Transnet should have done itself'Gupta-linked company Regiments Capital allegedly scored R227m for carrying out loan swaps on behalf of Transnet – a task the state-owned company's treasury team was more than capable of doing by itself.
Source: TimesLIVE - 🏆 28. / 59 Read more »
State capture: Transnet agreements 'went straight to the board for approval, bypassing managers'Transnet acting group chief executive officer Mohammed Mahomedy told the state capture inquiry on Wednesday that key roleplayers at the state-owned company and certain companies 'acted ... to the detriment of Transnet's best interests'.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
State capture: Transnet agreements 'went straight to the board for approval, bypassing managers'Transnet acting group chief executive officer Mohammed Mahomedy told the state capture inquiry on Wednesday that key roleplayers at the state-owned company and certain companies 'acted ... to the detriment of Transnet's best interests'.
Source: TimesLIVE - 🏆 28. / 59 Read more »