Anoj Singh advised not to participate in Saica proceedings, Zondo Inquiry hears
The South African Institute of Chartered Accountants (Saica) stripped Singh of his membership of the professional body after he was found guilty on 12 of 18 charges, including dishonesty and gross negligence.
JOHANNESBURG - Former Transnet and Eskom CFO Anoj Singh said that he did not participate in the proceedings of the South African Institute of Chartered Accountants (Saica) when he was charged with negligence because his lawyers advised him not to participate.
Saica stripped Singh of his membership of the professional body after he was found guilty on 12 of 18 charges, including dishonesty and gross negligence.
He is back at the state capture commission.
One of the transactions was the 1,064 locomotives tender that ballooned from R39 billion to R54 billion and was approved by the board without ministerial consent.
Executives, including Singh and former CEO, Brian Molefe, dismissed it as unforeseen currency fluctuations.
But Saica said that Singh ought to have made provision for that escalation as a CFO.
The sanction that was imposed was that you were excluded from membership of Saica, correct? I wanted to ask you, why is that you didn't participate in these proceedings?" evidence leader Advocate Anton Myburgh asked Singh.
"Mr Chair, I think I've been asked this question before and it was on legal advice that we did not participate in it," Singh replied.
Earlier, Singh denied that he took part in arranging meetings between Salim Essa, his consultancy Trillian and McKinsey.
He was shown an email in which he confirmed a meeting of December 2012 but he said that he did not recall attending that meeting.