Transnet learning to build credibility with SA & lenders, says acting CEO
Transnet acting CEO Mahommed Mahomedy told reporters at the company’s results announcement in Midrand that the company’s 'reasonable' set of results pointed to a growth in the credibility of the organisation.
JOHANNESBURG - Transnet acting CEO Mahommed Mahomedy on Monday said that while processes were unfolding to deal with allegations of mass-scale corruption and fraud at the state-owned entity, it was time to move on.
Mahomedy told reporters at the company’s results announcement in Midrand that the company’s “reasonable” set of results pointed to a growth in the credibility of the organisation.
“We have been able to build the credibility of the organisation in the last few months but not just with the South African public, which is an ongoing exercise, we have also learned to build credibility with our lenders and that is borne out the fact that we are in a position that, to March 2020, we have received our confirmation on funding and funders have committed to Transnet," he said.
The freight, rail and port group’s revenue increased to R74.1 billion from R72 billion last year although it received a qualified audit opinion which was being contested by the company.
Earlier this year, Transnet said it had lost R1.3 billion through corruption and fraud which saw the company launch court action against its former executives who were implicated in financial mismanagement.