Fired Transnet officials must explain disputed locomotives deal, Zondo inquiry hears

Axed controversial Transnet executives Anoj Singh, Brian Molefe and Siyabonga Gama need to explain the almost R60bn spent on acquiring 1,064 locomotives, the state capture inquiry heard on Thursday.

Callard’s business case for the acquisition of the locomotives put the estimated total cost at R38.6bn, which later ballooned to R54.5bn. The R38.6bn was inclusive of potential effects from forex hedging, forex escalation and other price escalations and excluded borrowing costs. On Monday, Callard detailed how Singh called for the state-owned logistics company to embark on an aggressive delivery schedule for the 1,064 locomotives. He had said no reasons were given for accelerating the delivery.

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