StateCaptureInquiry: Transnet acting group chief executive told the commission about three contracts with China South Rail that were entered into over various periods to supply locomotives to the state-owned freight operator.
Johannesburg – Transnet acting group chief executive Mohammed Mahomedy continued his testimony at the Zondo commission of inquiry into state capture on Thursday, further detailing how the state-owned entity was bleeding billions of rands as a result of irregular contracts and interest rate swaps.
Mahomedy also testified that Transnet had and would continue to lose billions of rands because of interest rate swaps on loans it made to secure contracts that were set to run until 2030. The fixed rate could mean Transnet would be paying additional money in interest each year on massive loans.
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