TRANSNET CEO Siyabonga Gama says the company plans to sue Futuregrowth for damages following the asset manager’s "reckless and unfortunate" announcement that it would be freezing funding to six state-owned companies. Earlier this month, Futuregrowth announced its decision to to dump six state-owned entities, including Transnet, Eskom, and South African National Roads Agency, due to questionable governance and political uncertainty. The others are the Industrial Development Corporation (IDC), the Land Bank and the Development Bank of Southern Africa (DBSA). Transnet has sought to allay jitters triggered by Futuregrowth’s move by clarifying that it had ample liquidity for the current financial year. The state-owned freight and logistics company said it had funded its full borrowing requirement for 2016-17, and had R22bn available. Futuregrowth represented only 1,25% of its R120bn debt, Transnet said. Transnet described as "regrettable" that it had learned about Futuregrowth’s decision...
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