Unlawfully contracted Regiments inflated Transnet deal, Zondo inquiry told

This was among the submissions made by MNS Attorneys' Tshiamo Sedumedi, whose firm investigated several multi-billion rand contracts.

Picture: www.transnet.net

JOHANNESBURG – The state capture commission of inquiry has heard how Gupta-linked Regiments Capital was unlawfully contracted to Transnet as transaction advisers, then escalated the cost of the deal to over R25 million within two years.

This was among the submissions made by MNS Attorneys' Tshiamo Sedumedi, whose firm investigated several multi-billion rand contracts.

Sedumedi explained how consultancy firm McKinsey was contracted in a transaction advisory role but unlawfully ceded the contract to Regiments Capital.

He said that in 2013, Transnet and McKinsey entered into an agreement through a letter of intent but this agreement lapsed in November of that year.