Transnet has hired Werksmans Attorneys to help its board probe allegations of corruption linked to a 2014 programme to buy more than 1,000 locomotives. The investigation will include a review of whether the state-owned company was overcharged for locomotives, whether the firm followed its own procedures and examine comparable pricing, CEO Siyabonga Gama told reporters on Monday. The process will take about three months, he said. The amaBhungane Centre for Investigative Journalism and Scorpio, the Daily Maverick news website’s investigative unit, reported in June that the Gupta family, who are friends with President Jacob Zuma and in business with his son, entered into a R5.3bn of kickback agreements with a unit of China South Rail, which was selected to supply 359 of Transnet’s 1,064 new locomotives. The story cited leaked e-mails. Bloomberg has not been able to independently verify the information and a spokesman for the Guptas did not respond to questions at the time. The report f...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.