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Former Transnet executives allegedly involved in irregular transactions with Gupta-linked companies - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Former Transnet executives allegedly involved in irregular transactions with Gupta-linked companies

The parastatal’s Acting Group CEO Mohammed Mahomedy wrapped his testimony on Thursday. He testified about alleged irregular transactions entered into by former executives with Gupta-linked companies, Regiments Capital and Trillian.

Mahomedy said Transnet’s former Treasurer, Phetholo Ramosebudi, prepared a document requesting then acting Chief Financial Officer, Gary Pita, to approve interest rate swaps for bank loans, which would ultimately see Transnet unjustifiably paying R3.2-billion in interest repayments. He alleges that Pita and Ramosebudi ignored the advise of then Transnet deputy Treasurer, Danny Smith, who had cautioned him against the interest rate swap.

Mahomedy says Regiments and Trillian Capital were paid more than R220 million and R93 million respectively in upfront commission fees for loans obtained by Transnet from a consortium of banks. He says this was done without a formal contract.

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I'm happy with task team of state capture, EFFSouthAfrica , and Journalists for uprooting all this information about people who were involved in the Gupta crime hope justice will be served!!!

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