JOHANNESBURG – State-owned freight and rail company, Transnet said on Tuesday that its contractor, CMI Emtateni Joint Venture, had terminated its R4.2 billion contract for a megaproject to create deeper berths at the Durban Container Terminal .
Allegations in O'Sullivan and Sarah-Jane Trent's report centred around issues of fraud, BEE fronting and collusion between the Transnet employees and suppliers. CMI Emtateni Joint Venture comprises of an Italian construction company, CMC di Ravenna and CMI Infrastructures, with former Greytown mayor Philani Mavundla's CMI Infrastructures as a BEE partner.
Transnet said the "stop all the works" instruction was to afford it time and space to conduct its own internal forensic investigation into the allegations.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business hoping for a credible Cabinet from Ramaphosa - economist | IOL Business ReportPresident Cyril Ramaphosa this week came under intense pressure to appoint a credible Cabinet capable of implementing his reform agenda. Hope springs eternal from the human breast We all waiting to see the rot go Here it is: DO NOT HOLD YOUR BREATH.
Source: IOL - 🏆 46. / 51 Read more »
45% of SA firms are targeted by cyber attacks - report | IOL Business ReportA report by the Ombudsman for Banking Services revealed that 50 percent of all complaints are fraud-related, reinforcing ...
Source: IOL - 🏆 46. / 51 Read more »
Amcu's attempt to halt merger between Sibanye-Stillwater and Lonmin fails | IOL Business ReportAmcu's legal bid to prevent the R5 billion merger between diversified mining house Sibanye-Stillwater and platinum producer Lonmin failed.
Source: IOL - 🏆 46. / 51 Read more »
Bargaining ride hailing app launches in Johannesburg | IOL Business ReportJozi-based ride-hailers can now bargain for a fair price with inDriver, a newcomer to the local e-hailing scene.
Source: IOL - 🏆 46. / 51 Read more »
Little to no bank fees with these new accounts from banks | IOL Business ReportAfrican Bank launched its transactional banking offering, MyWORLD, as it takes on fierce competition from South Africa's established lenders.
Source: IOL - 🏆 46. / 51 Read more »
Ramaphosa says turnaround at Eskom will bear fruit soon | IOL Business ReportPresident Cyril Ramaphosa today told local and international investors that South Africa’s economy would be in ‘top gear’. busrep And let me guess.....he allegedly lied with a straight face and then laughed. busrep How can a company who supplies the majority of S A's with 220v be in debt of over R400 billion ......... BILLION Something not right there !! 🤢 busrep Fruit for who is the question? Won’t be us we will get another tarring increase.
Source: IOL - 🏆 46. / 51 Read more »
Cabinet to be restructured to benefit economy - Ramaphosa | IOL Business ReportPresident Cyril Ramaphosa has assured a gathering of investors in that his Cabinet will be restructured to bolster plans ... Ramaphosa is all about money he care about nothing elss New Dawn appears fake news. The list of candidate MPs,as submitted to CJ Moeng, contains most of the incompetent & corruption tainted ANC members. More of the same 💩!
Source: IOL - 🏆 46. / 51 Read more »