State capture company got R227m 'for work Transnet should have done itself'

  • 📰 TimesLIVE
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 59%

South Africa News News

StateCaptureInquiry | All the loan transactions were granted at floating rates.

Transnet's acting chief executive Mohammed Mahomedy told the state capture inquiry on Thursday about transactions that should have 'raised red flags' for Transnet executives.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 itself.

Mahomedy said that by 2015, Transnet had entered into a number of loan transactions with various foreign financial institutions. The loans, obtained from Germany, Canada and the Chinese Development bank, amassed to more than R30bn. This excluded another loan, a"club loan", for R12bn sought from five institutions. Click here for the latest news and analysis of the state capture inquiry

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 28. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines