Transnet paid Gupta-linked firm an 'excessive' 750% more than budgeted for

In its consortium was another company, Letsema, which was a co-bidder for the advisory tender and several other subcontractors, including Barloworld. By August that year, Transnet raised a conflict of interest between Letsema and Barloworld, and recommended that Letsema be replaced.

Initially, Transnet entered into two loan agreements to pay for the trains: the first with the Chinese Development Bank for about $1.5bn and another, referred to as a"club loan" between a syndicate of lenders, for about $1bn.By July 2015, Regiments was paid R265.5m for about two years of work for Transnet advising on these transactions.

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Source: TimesLIVE - 🏆 28. / 59 Read more »

Gupta-linked letterbox company Homix got R25m to seal Transnet dealFormer Transnet employee Gerhard van der Westhuizen says he cannot understand the value a Gupta-linked letterbox company added to a deal brokered between Transnet and Neotel - for which it was paid more than R25m.
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Gupta-linked letterbox company Homix got R25m to seal Transnet dealFormer Transnet employee Gerhard van der Westhuizen says he cannot understand the value a Gupta-linked letterbox company added to a deal brokered between Transnet and Neotel - for which it was paid more than R25m.
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