The movement of billions of rand from state-owned enterprise (SOE) Transnet to China entities, local companies owned by Gupta business associates and international consultancy firm McKinsey – in irregularly sanctioned transactions by the executives and its board – was today laid bare as acting group CEO Mohammed Mahomedy took the stand on his first day of giving testimony before the Commission of Inquiry into State Capture.
In defiance of Transnet supply chain prescripts and advice by its treasury department managers, former group CEO Brian Molefe and chief finance officer (CFO) Anoj Singh pushed through questionable deals, bypassing management structures, at huge cost to the company.
This was in blatant disregard to fiduciary duty, the Public Finance Management Act (PFMA) and National Treasury regulations governing procurement, Mahommedy told the commission.
In his testimony before Deputy Chief Justice Raymond Zondo, he gave details of:
Mahomedy continues his testimony tomorrow (Thurs).
– brians@citizen.co.za
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