News24Wire reports that court papers filed by Transnet to recover R189-million in inflated payments from Gupta-linked Regiments Capital have revealed collusion by senior executives of the state-owned firm in allowing the transaction.  

Former Transnet CEO Siyabonga Gama, ex-chief financial officer Anoj Singh, Robert Ramosebudi, who resigned in October as group treasurer, and Garry Pita, who vacated his chief financial officer position in April, are said to have “colluded fraudulently to cause Transnet to transfer to Regiments an over-payment.”  The papers filed in the South Gauteng Court on Thursday, list among other allegations eight transgressions by the executives.  Singh, Gama, Ramosebudi and Pita are claimed to have breached their fiduciary duties by recommending and/or procuring or permitting the overpayment and that they should have foreseen that their conduct would result in Transnet sustaining losses.  Despite a demand dated 23 October 2018, the defendants are said to have failed to and/or refused to pay Transnet the sum of R189-million.  The court bid is the first major action by the board to act against those who have been found to have enabled the draining of resources at the entity.

• Read the full original report at Engineering News

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