Transnet board had nothing to do with appointment of Regiments Capital, Pravin Gordhan says
The ‘dubious and problematic role of Regiments, Trillian and other entities in the state capture process’ will be probed by the Zondo commission, the minister says
The board of state-owned transport company Transnet was not involved in appointing Regiments Capital as the investment manager to the Transnet Second Defined Benefit Fund (TSDBF), Public Enterprises Minister Pravin Gordhan clarified on Thursday.Regiments Capital, which shut down in February, became embroiled in allegations of state capture through its association with Gupta-linked Trillian Capital Partners. Allegations of substantial looting of Transnet by Gupta-linked companies have been made, which the Zondo commission of inquiry into state capture will investigate.In reply to a parliamentary question by FF Plus MP Anton Alberts, Gordhan said Regiments had paid R228m to Trillian ostensibly for "transaction fees". However, the TSDBF found that no such fees were payable separately from the fee and cost structure agreed to in the original investment management mandate deal with Regiments, and were therefore not allowed.Business Times reported in February that Regiments was in dispute...
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