Callard shows Saica videos of unguided Transnet contract negotiations
Former Transnet manager Francis Callard is continuing his testimony at the third sitting of Saica's disciplinary committee's hearings against Anoj Singh.
JOHANNESBURG – The South African Institute of Chartered Accountants’ (Saica) disciplinary hearing against Anoj Singh has on Friday heard that Transnet’s team that negotiated the locomotives contract was not guided by an approved strategy.
Singh, who was Transnet chief financial officer at the time, formed part of the negotiations team that engaged on the pricing models for the contract which has been found to have been riddled with anomalies.
Former Transnet manager Francis Callard is continuing his testimony at the third sitting of the disciplinary committee where he showed Saica parts of several video recordings of the negotiations team’s sessions.
“Consistently demonstrated in here is that small variations in the base price notwithstanding, we have major variations in the escalation and hedging which do not relate – and are out of quilter – with the base price. Hence I draw the conclusion from this that escalation and to a lesser extent hedging – were the instrument of negotiation which is not - I contend, an appropriate negotiation process.”