TRANSNET
Probe into overpaid engines ‘done in months’
External investigation into allegations that it overpaid for locomotives and consultancy services to be concluded in three months, says Transnet
State-owned railway company Transnet expected an external investigation into allegations that it overpaid for locomotives and consultancy services to be concluded in three months, it said on Monday. Transnet, commenting on its results, said it was financially well positioned to proceed with its multibillion-rand railway modernisation programme and would not need government guarantees on any further debt. Despite this, Transnet is starting to feel the effects of the downgrade of SA’s foreign-denominated debt to junk through its bond auctions. The cloud of state capture continues to hang over state-owned entities, including Transnet, with the railway company likely to remain in the spotlight because it has been identified by the government as one of the key vehicles through which to drive economic growth and transformation. Transnet posted a R2.8bn profit for the year ended-March 31, up from R393m a year earlier. Transnet CE Siyabonga Gama attributed this to stringent cuts to discreti...
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