Commission of Inquiry into State Capture. Witness, Transnet Group Acting Chief Executive Officer Mohammed Mahomedy at the Zondo Commission. Picture: Karen Sandison / African News Agency
State-owned enterprise Transnet is still reeling from the effects of irregular transactions entered into by former executives with the Gupta-linked Regiments Capital and Trillian. In wrapping up his testimony before Deputy Chief Justice Raymond Zondo, Transnet acting group CEO Mohammed Mahomedy traced the current state of the company’s poor balance sheet to erratic decisions taken during the tenure of former executives Brian Molefe, Anoj Singh, Garry Pita and Edward Thomas.
It ceded its brief as financial and strategic advisors to Regiments Capital, which later brought Trillian to take over the role – a development unheard of in state procurement processes.According to Mahomedy, Regiments assumed a conflicted role of transaction advisor and executor and was paid R227 million for swapping interest rates in billion of rands worth of loans that involved the Transnet pension fund, Nedbank and the China Development Bank, among others.
Canada Canada Latest News, Canada Canada 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: SundayTimesZA - 🏆 47. / 51 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 »