Executives acted collaboratively to the detriment of Transnet: Mahomedy - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Transnet's Acting Chief Executive Officer Mohammed Mahomedy is testifying before State Capture Commission of Inquiry in Parktown.State Capture Commission

He says transactions for advisory services from Trillian Capital, Regiments, McKinsey and Nkonki by-passed proper governance processes and cost Transnet billions of rands in losses. He adds that Transnet irregularly paid Gupta-linked Regiments Capital over R280 million for a contract that was originally set at R35 million.requested the board to approve an irregular R16 billion increase in payment for the 1064 locomotives tender.

He says the acquisition was originally set at R38 billion, but Molefe asked the board to approve an increase to R54 billion.who was appointed by Molefe to head the locomotives negotiations.

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