Transnet in debt crisis
Board given three weeks to develop urgent turnaround strategy
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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