DAYS OF ZONDO: Brian Molefe and Anoj Singh were warned against tainted Transnet funding deal

A stern and detailed warning from then Transnet treasurer Mathane Makgatho to her bosses — Brian Molefe and Anoj Singh — about the cost implications of a funding plan for the 1,064-locomotive deal would go unheeded, leading to her departure from the parastatal and saddling Transnet with yet another dirty deal.

Something that Transnet’s in-house Treasury team could have handled with their eyes closed and which could have been done for aThe syndication of a loan is not a complex structure for the Transnet treasury team.” That such a deal would usually involve various internal expertise across accounting, risk management and tax to identify and mitigate the risk; and

In no uncertain terms, she wrote, the Chinese loan was not in the interests of Transnet or South Africa and warned Molefe and Singh of Public Finance Management Act violations. The commission heard how Regiments had slipped into this deal courtesy of a crafty earlier move when it replaced international consulting firm McKinsey & Co as transaction adviser on the 1,064-locomotive deal.

But, once Regiments snuck in the door, there were several changes that would eventually push the bill for this R35-million deal to R289-million for the consortium. Regiments received 92% of the overall fee of R289-million in the end, signifying that the company had taken over from McKinsey as the lead in this consortium.The variation in the process would have required, in my view, a new procurement event,” Mahomedy said.

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