Futuregrowth denies calling for Transnet to axe Siyabonga Gama
Futuregrowth Asset Management, SA’s biggest specialist fixed-income money manager, said it did not tell Transnet to remove CEO Siyabonga Gama after the state-owned rail and ports operator said auditors could not give its 2018 financial results a clean bill of health. "The Futuregrowth team has had continuing engagements as a lender to Transnet over many months," Futuregrowth chief investment officer Andrew Canter said in an e-mailed statement late on Monday. "Those discussions have focused on governance policies, practices and reporting, as well as the terms of existing loan agreements. "At no time, in any forum, has Futuregrowth requested, required or proposed that any individual or groups of people should be dismissed or replaced at Transnet." Canter commented in response to a Bloomberg report that cited two people familiar with the situation as saying Futuregrowth was among creditors who reacted to Transnet securing only a qualified audit by pushing for management changes. The pe...
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