Molefe: Trillian’s dodgy dealings may extend beyond locomotive deal

Transnet paid Trillian and associated company Regiments Capital over R300 million in connection with its controversial tender to buy 1,064 locomotives.

FILE: Popo Molefe. Picture: www.popomolefefoundation.co.za.

CAPE TOWN - Transnet board chairperson Popo Molefe says the new board is committed to establishing the extent to which Gupta-linked consultancy firm Trillian Capital was involved in dodgy deals at the company.

It was recently revealed by the Public Affairs Research Institute that Trillian may have used Transnet’s pension fund to hedge major deals.

Transnet paid Trillian and associated company, Regiments Capital, over R300 million in connection with its controversial tender to buy 1,064 locomotives.

An internal audit report by Transnet has identified various control breakdowns and incidences of fraud in the company’s dealings with Gupta-linked companies.

A full forensic investigation is now being carried out by the Special Investigating Unit and Treasury.

Molefe says that directors were only recently made aware that Trillian’s dodgy dealings may have extended beyond the locomotive deal.

“We will obviously be looking into it… to the extent necessary. It could form part of the broader investigations.”

CEO Siyabonga Gama, who signed the Regiments contracts in 2015, is facing precautionary suspension in the wake of three major external forensic investigations.

He and procurement executive Thamsanqa Jiyane have until next Wednesday, 29 August, to provide the board with reasons why they should not be suspended.

(Edited by Zamangwane Shange)