State-owned rail and freight company Transnet is not only moving to terminate its contract with controversial CEO Siyabonga Gama but is also demanding that he personally pay back R151m in alleged overpayments to Gupta-linked advisory firm Regiments. Transnet has given Gama 10 days to tell the board why he should not be fired. The company, which has a monopoly or near-monopoly over ports, freight rail and fuel pipelines in SA, has been mired in state capture allegations involving the Gupta family and friends of Jacob Zuma who are accused of using their connections to the former president and his family to divert state resources to their businesses. Public enterprises minister Pravin Gordhan, whose cleanup of state-owned enterprises (SOEs) is the centrepiece of President Cyril Ramaphosa’s agenda, has said that state capture may have cost the country about R100bn. That is equivalent to almost half the amount the state plans to spend on health in the 2018/2019 fiscal year. Transnet’s bo...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now