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Ex-Transnet manager details irregular processes at Anoj Singh's Saica hearing

Singh who is a former CFO at Transnet and Eskom faces 18 charges of misconduct for his dealings when he was responsible for the finances in the two state-owned companies.

FILE: Anoj Singh addressing Parliamentarians during an inquiry into state capture on 23 January 2018. Picture: EWN

JOHANNESBURG - The second day of Anoj Singh's disciplinary hearing by the South African Institute of Chartered Accountants (Saica) is under way in Sandton where former Transnet strategy manager Francis Callard is continuing his testimony.

Singh who is a former CFO at Transnet and Eskom faces 18 charges of misconduct for his dealings when he was responsible for the finances in the two state-owned companies.

Callard is testifying about why it was irregular that the business plan submitted to the Transnet board for approval of the acquisition of the controversial locomotives did not include forex hedging and escalation costs.

He explained the ordinary process that was not followed in this particular case.

“When one is building a model of this nature, one would ask what their projected delivery is and projected period for the project. What we would do is to go to our Treasury department and ask for the foreign exchange rates for the rand to the US dollar for the next four to five years and that would be the rand exchange rate one can purchase from the bank.”

Singh faces several sanctions including the possible de-registration of his Saica membership, should the hearing find him guilty.

The Saica disciplinary committee has also confirmed the hearing would not be impacted by Singh's absence as he has elected not to form part of the proceedings.