Transnet in debt crisis
Board given three weeks to develop urgent turnaround strategy
03 September 2023 - 07:35
Portia Derby, group CEO of Transnet, has admitted the underperforming rail and ports entity is in crisis and is battling to service its R130bn debt pile.
In a review of the financial and operational performance for the 2022/2023 financial year, released on Friday, she said the purchase of 1,064 locomotives in 2014 for R54.5bn was based on a wrong assumption that the economy would grow by 5% per year. ..
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