South Africa's Transnet to clamp down on unauthorised spending
Transnet during its results presentation stated that it would clamp down on unauthorised expenses after uncovering problems with procurement at the state logistics firm. The South African company, which operates nearly three-quarters of the African rail network
Aug 21, 2018: Transnet during its results presentation stated that it would clamp down on unauthorised expenses after uncovering problems with procurement at the state logistics firm.
The South African company, which operates nearly three-quarters of the African rail network, the bulk of which is in South Africa, has been facing heat over allegations of corruption in the procurement of 1,064 diesel and electric locomotives.
The firm in a press release said that the year had been “characterised by a number of serious procurement related governance challenges which has impacted on the company's reputation and the ability to attract investment.”
The firm reported full-year revenue ending March 2018 up 11.3 percent to 72.9 billion rand ($5 billion), boosted by an increase in volumes of export coal and container volumes. Coal export volumes it transported by rail for the financial year rose 4.3 percent to 77 million tonnes. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 18 percent to 32.5 billion rand from 27.6 billion rand in the previous reporting period.
