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Molefe: Transnet was on the verge of collapse

Transnet board chair Popo Molefe said that the state-owned company was on the verge of collapse and if they did not urgently intervene it would have found itself in the same situation as Eskom.

FILE: A screengrab of Transnet board chair Popo Molefe appearing at the Zondo Commission on 7 May 2019. Picture: YouTube

PRETORIA - Transnet board chair Popo Molefe said that the state-owned company was on the verge of collapse and if they did not urgently intervene it would have found itself in the same situation as Eskom.

Molefe testified at the Zondo Commission's public hearings in Parktown on Tuesday, where he described how hundreds of millions of rands were being siphoned out of the company.

He said that when the board he chairs was appointed, they found Transnet in a dire situation.

"When one looked at the speed at which those who were siphoning off the money out of Transnet were moving, it was clear that they were not stopping, just taking, taking, taking."

He said that Transnet was heading towards collapse.

"It was just a matter of time for Transnet to be like Eskom. It is in serious trouble and because it is in trouble the economy is in trouble. It was on the verge of collapse."