New board found 'horror show' at Transnet

17 January 2019

State-owned freight rail company Transnet has issued summons to former top executives it says are implicated in financial mismanagement with a view of recouping some of the squandered money.

Popo Molefe, chair of the Transnet board, said on Thursday morning at a media briefing that civil claims worth R1.3 bn had been served on individuals and companies. 

“One would not be exaggerating to say what we found there was a horror show,” he said referring to the extent of financial mismanagement uncovered by the new board, which was appointed in May 2018.

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Source: 
news24

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