Inquiry hears Transnet fleet now worse off than before billion rand acquisitions | Fin24
"My understanding is the locomotive performance is now worse than before the acquisition process of the 1064 locomotives started. We shared a vision of recreating sustainable, viable, locomotive industry, to supply 60 to 100 locomotives annually to freight rail. Sadly the vision was not realised," Callard said, pausing a few times to take sips of water and hold back tears.
In January 2018, four years after the bid process started, Callard said he was asked by former Transnet executive Garry Pita to conduct a financial analysis of the transactions. The point was to try and justify the price escalation from R38.6bn - as stated in the initial business case - to R49.5bn.Callard told the commisison he became aware of two spreadsheets which contained information about the locomotive transactions which he would need for his analysis.
He went over Laher's head and successfully approached then-CFO Nomfuyo Galeni to access them."There was a strict firewall relating to tenders at the time - consistently. It was just fortunate that I could access this spreadsheet which brought to light inconsistencies.""There are anomalies here I cannot explain or which are very difficult to explain," he said.
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