CEO: Transnet paid millions to consultancies for services it could do internally
Acting group chief executive Mohammed Mohamedy said that Gupta-linked companies Regiments and Trillian were contracted to secure loans for Transnet.
Acting group chief executive Mohammed Mahomedy was referring to Gupta-linked companies Regiments and Trillian during his testimony on Wednesday.
Mahomedy said that Regiments and Trillian were contracted to secure loans for Transnet.
“Just based on the funding, you see just about a quarter of a billion rand being paid out when expertise existed in Transnet to execute these transactions.”
He said that internal treasury staff who had been employed at Transnet for decades were left stunned by the deals negotiated by the two companies.
“They were perplexed by the choice of loans, by some of the transactions that Transnet persevered with if I can say, and in some cases, they were also deep in the dark when these transactions were being negotiated.”
Mahomedy returns to the commission on Thursday.