Billions to cover debt and improve operations
PRETORIA - The Transport and Finance Ministers have approved a R51-billion lifeline for Transnet.
This will help Transnet meet its debt obligations and reinvest in much-needed infrastructure.
The rail and ports authority faces a maintenance backlog and widespread vandalism.
Dr Mathetha Mokonyama, the CSIR's head of Transport Operations Systems, said that Transnet is currently experiencing a cash flow crisis and is servicing its large debt and requires structural intervention.
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Daily Maverick
an hour ago
- Daily Maverick
Molefe and Gama in Hawks custody as Transnet corruption returns to court
More than a decade after the dodgy locomotive deal, two senior MK party MPs — Brian Molefe and Siyabonga Gama — face legal action for allegedly siphoning off R93m through Trillian Capital. Their arrests revive old Zondo Commission questions about whether grand corruption ever really pays back. Former Transnet bosses Brian Molefe and Siyabonga Gama — long seen as State Capture architects — handed themselves over to the Investigating Directorate for Corruption (Idac) on Monday morning. The pair — now sitting MPs for Jacob Zuma's uMkhonto Wesizwe (MK) party — are expected to appear in the Palm Ridge Magistrate's Court on fraud, corruption and money laundering charges directly tied to the wider Transnet locomotives corruption scandal that formed one of the core chapters of the Zondo Commission's State Capture reports. Read more: Backstory: the locomotive deal symbolic of an era Under Jacob Zuma's presidency, Molefe was appointed CEO of Transnet in 2011 with a mandate to oversee a massive rail expansion plan. In May 2015, a transaction advisory contract for 1,064 new locomotives — one of the single biggest procurement deals in South African state-owned enterprises history — was awarded to JP Morgan but soon cancelled amid internal battles and reassigned to Trillian Capital, a Gupta-linked firm. By December 2015, Transnet paid Trillian R93.4-million, signed off by CFO Garry Pita and then-CEO Gama. Three days later, R74-million was quietly rerouted — a diversion that Justice Zondo's report flagged as a key laundering step in the wider locomotives corruption scheme. Today, the long train of justice is inching back into court. Idac spokesperson Henry Mamothame confirmed their arrests to Daily Maverick, noting that a broader press release would be issued after the two had appeared in court. Zondo Commission: findings The Zondo Commission named Molefe as a 'primary architect' of Transnet's State Capture phase, finding he misled the board, suppressed oversight, and signed off on contracts that enabled Gupta proxies to loot through Regiments and also explicitly linked this R93-million payment to the bigger locomotives procurement fraud, and recommended that Molefe, Gama and others be prosecuted to break what it called the 'cycle of impunity' that allowed grand corruption to thrive unchecked. The politics of public money Their arrests put the MK party under an uncomfortable spotlight. MK party spokesperson Nhlamulo Ndhlela had not responded to calls or questions from Daily Maverick by the time of publication. The locomotives procurement cost jumped from R38-billion to more than R50-billion — billions that the public purse absorbed through Transnet's balance sheet while oversight bodies looked the other a decade later, the question is whether those billions can ever be clawed back. What's waiting at the next stop? The Palm Ridge court will rule on bail conditions this week. The National Prosecuting Authority must now show whether it can go beyond headlines to force real accountability on powerful networks that, for years, treated SOEs as private cash the case holds or finds itself in infinite legal limbo will demonstrate whether the willpower left to pursue the Zondo Commission's recommendations remains. DM
The Citizen
an hour ago
- The Citizen
Transnet executives Molefe, Gama and two others granted bail
The four men are facing charges of fraud, corruption and contravention of the Public Finance Management Act and Companies Act. Former Transnet CFO Anoj Singh, Transnet executives, Brian Molefe and Siyabonga Gama and top engineer, Thamsanqa Jiyane. Picture: NPA Four former Transnet executives have been granted bail of R50 000 each. Transnet executives, Brian Molefe and Siyabonga Gama, the company's former CFO, Anoj Singh, and top engineer, Thamsanqa Jiyane, appeared in the Specialised Commercial Crimes Court at Palm Ridge Magistrate's Court in Ekurhuleni on Monday. Molefe and Gama were arrested after surrendering to police on Monday morning. Singh and Jiyane were also handcuffed on the same day. The four men are facing charges of fraud, corruption and contravention of the Public Finance Management Act and Companies Act. *This is a developing story. ALSO READ: Brian Molefe, Siyabonga Gama arrested for R93m Transnet corruption
Eyewitness News
2 hours ago
- Eyewitness News
Molefe, Gama among 4 ex-Transnet employees seeking bail after arrests
JOHANNESBURG - Four former Transnet officials are applying for bail after they were arrested in connection with fraud, corruption, and money the accused are former Transnet executives, Brian Molefe and Siyabonga other two accused are former CFO, Anoj Singh, and former engineer, Thamsanqa case relates to a dodgy locomotive tender worth R93 million. Gama's lawyer, Kenny Oldwage, is reading his client's bail application.
