Transnet stands by Durban terminal partner

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Transnet has defended its pick to run its Durban Pier 2 container terminal in the wake of a court challenge by snubbed bidder APM Terminals.

“The process of selecting ICTSI was rigorous. It was competitive. It was fair and it complied with our governance standards,” Sangqu said on Friday.According to Phillips, APM Terminals has contended that ICTSI could not have met the criteria outlined in Transnet’s bid, questioning the Filipino company’s ability to meet the contract’s financial requirements.

Phillips also spoke about why the deal has taken so long to finalise. “Maybe it is important for everyone to realise that it really is the first time that Transnet is involved in these types of Transactions. Before we got involved in these transactions we also had to put in place the framework that would govern how we would transact with the private sector … And a lot of work was spent getting that framework together.

Phillips said Transnet is working closely with the treasury to ensure it complies with the conditions.

Source: Law Daily Report (lawdailyreport.net)

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