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Fin24 reports that Transnet is continuing with its disciplinary action against former Group Treasurer Phetolo Ramosebudi, despite his resignation.
In a statement on Friday, the state-owned logistics company said disciplinary action had been initiated after an investigation into the company's controversial procurement of 1,064 locomotives in 2014, in respect of which Gupta-linked Trillian Capital Partners and Regiments Capital acted as transaction advisors. "Mr Ramosebudi was informed on Tuesday, 23 October of the company’s intention to suspend him, and was asked to respond to a number of allegations of misconduct. He tendered his resignation on Thursday, 25 October without responding to any of the allegations," Transnet indicated. According to the statement from Transnet, the allegations against Ramosebudi related to the appointment of Trillian based on "false and misleading information"; payments to Trillian for services not rendered; over-payment and loss of R150m to Regiments Capital for transaction advisory services; failure to monitor Regiments Capital's performance; and failure to declare a conflict of interest. The investigation into the locomotive deal was ongoing and further disciplinary action could be expected, Transnet said.
- Read this report by Marelise van der Merwe in full at Fin24
Read too, Transnet on the hunt for new treasury executive after Ramosebudi quit, at Fin24
Get other news reports at the SA Labour News home page