Transnet wants court to set aside R54bn contract for 1,064 locomotives

  • 📰 SowetanLIVE
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

South Africa Headlines News

Transnet bosses told parliament on Tuesday that the locomotives were irregularly procured with the initial estimated cost of R38.6bn, which escalated to R54bn.

She was briefing parliament's public accounts watchdog Scopa on Tuesday.

Another contract with General Electric delivered in full while the fourth company, Bombardier Transportation, was continuing to deliver. She said the remedy that Transnet sought is to retain what it has acquired minus the profits, so they can retain it on a reasonable-price basis and that which is defective and not remedied, is not retained.

verpayment to Regiments for arranging the China Development Bank loan and for risk-sharing model, loan transaction for funding of China North Rail and China South Rail , and Transnet structured finance solution refurbishment of the rolling stock.

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Withdrawals today !!! I really appreciate all you've done for me, you are the best and I promise to spread your good work Thank you Davidjackson557

Is it not sad and frustrating how our country's money was simply treated like confetti by the people that were put in charge by the useless ANC government. It was like letting school children fix your broken car. A travesty. When the media discovers this, they are vilified.

I love the new Transnet CEO. Watch how she'll be vilified by the RETards!

This is Great News, the people of South Africa, may just finally get some ACCOUNTABILITY from this MYANC CORRUPTION connected few!

Who was CEO when this deal was done? 🤷🏾‍♂️

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in ZA

South Africa Latest News, South Africa Headlines