Report shows extent of Gupta-linked Trillian’s hold over Transnet
The state-owned rail company allowed Gupta-linked Trillian to use workers’ pension fund to hedge major deals, report notes
Former Gupta-linked Trillian Asset Management’s tentacles in Transnet extended further than dodgy locomotive deals, according to a report from the Public Affairs Research Institute that has been handed to Parliament. The institute’s executive director, Ivor Chipkin, who revealed this on Friday evening at the inaugural Drakensberg Inclusive Growth Forum initiated by the Kgalema Motlanthe Foundation, said the rot could be traced back to Malusi Gigaba taking over as public enterprises minister in 2010 and Brian Molefe assuming the helm at Transnet in 2011. “Never mind the crane and locomotive deals which are well known. What we found – and we’ve found the memo which is almost certainly illegal – is that Transnet’s treasury outsourced its function to Trillian,” he told Business Day. Trillian allegedly used its position to hedge major deals using Transnet’s pension fund under instruction from Stanley Shane, a former Transnet board member who has been linked to the Gupta family and Trilli...
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