It seems incredible to think that, in the early 1990s, Transnet’s treasury division was so powerful that its decisions were said to have ramifications as far afield as the Bank of England.

Today, Transnet — which runs South Africa’s rail and ports network — is a barely perceptible shadow of its former self. Astonishingly, it is vying with Eskom as the biggest risk to the South African economy. ..

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