Statecaptureınquiry

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

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

5/16/2019

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

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 by itself.

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.

All the loan transactions were granted at floating rates.

This was despite members of his team warning against the move as it would incur a greater financial obligation for Transnet.

Read more: Sunday Times

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

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

Some Transnet execs learnt of irregular contracts through media, state capture inquiry hears Mahommed Mahomedy told the state capture inquiry that a review of contracts by the new group's board uncovered a serious disregard for processes and management structures in the appointment of service providers.

Acting Transnet CEO set to testify at state capture inquiry After probing state-run power utility Eskom, Bosasa and other entities, the inquiry turned its attention to freight rail group Transnet in early May. The group’s chairperson Popo Molefe, earlier testified that Transnet was ground zero for state capture.

State capture: Transnet agreements 'went straight to the board for approval, bypassing managers' Transnet acting group chief executive officer Mohammed Mahomedy told the state capture inquiry on Wednesday that key roleplayers at the state-owned company and certain companies 'acted ... to the detriment of Transnet's best interests'.

LIVESTREAM: Transnet executive continues testimony on state capture Executive manager Peter Volmink testified that Transnet leaders broke rules to cut deals. AND WHAT DID HE DO ABOUT IT ? HE COULD HAVE RESIGNED ? …… SPOKE TO MEDIA ETC. ?

WATCH LIVE: State capture inquiry resumes with acting Transnet CEO in the hot seat

WATCH LIVE | Transnet acting CEO back in the hot seat at state capture inquiry Transnet acting group chief executive officer Mohammed Mahomedy is due to continue his testimony at the state capture inquiry on Thursday. That man on the stand now at State capture commission admit that he was in cahoots with the fraudulent crew at Transnet so law enforcement agencies must start with him.What I don't understand how come he's acting Transnet CEO?

Acting Transnet CEO in the hot seat as state capture inquiry resumes Transet Group Acting Chief Executive Officer, Mohammed Mahomedy, is set to take the stand on Wednesday when the judicial commission of inquiry into state capture resumes in Parktown, Johannesburg.

WATCH LIVE: Transnet's Mohammed Mahomedy continues testifying at state capture commission Transnet: I don't really feel like reading any more of the revelations about the wrongdoing of ANC leaders, as it's clear it's going to take ages for charges to be brought & even longer for justice to be done: In the meantime, voter support for them continues unabated!

State capture: Transnet agreements 'went straight to the board for approval, bypassing managers' Transnet acting group chief executive officer Mohammed Mahomedy told the state capture inquiry on Wednesday that key roleplayers at the state-owned company and certain companies 'acted ... to the detriment of Transnet's best interests'.

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