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.

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.

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!!!

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PIC INQUIRY: Former Ayo board member implicates Iqbal Survé directly in bogus valuation of companyThe commission of inquiry into allegations of impropriety at the Public Investment Corporation is unpacking how the PIC came to invest R4.3-billion in Iqbal Survé’s Ayo Technology Solutions in 2017. On Tuesday 14 May 2019, a former Ayo board member dropped Survé in it personally — by alleging that he was intimately involved in the process of artificially inflating Ayo’s valuation.
Source: dailymaverick - 🏆 3. / 84 Read more »

WATCH LIVE: Former Ayo board member gives insight into PIC investmentFormer Ayo board member Abdul Malik Salie gives evidence at the PIC inquiry on the inner workings of the firm and the investment deal with the Public Investment Corporation.
Source: ewnupdates - 🏆 30. / 53 Read more »