Former Chief Financial Officer at Transnet Anoj Singh has conceded that he played an instrumental role in the appointment of transaction advisory contracts involving McKinsey and Gupta-linked company Regiments.
The State Capture Commission of Inquiry questioned Singh of his role in what evidence leader Advocate Anton Myburg called “something of a heist” with the locomotives transaction from the beginning to the end.
The commission heard that R49 billion rand was laundered through the Gupta enterprise and the bulk of the money came from Transnet.
The commission heard that with the China Development loan where Regiments was paid a success fee of a R198 million, R147 million of that was paid to ALBATIME – a Gupta linked company – and R122 million of that having being laundered to SAHARA computers.
Trillian was paid R93 million for arranging the ZAR Club loan.
The commission also heard that this happened as Singh was leaving Transnet for Eskom.
Salim Essa was a 60% shareholder of Trillian. It is said that four days later, R74 million of the money paid to Trillian was also paid to ALBATIME.
Commission hears Transnet-related evidence: Anoj Singh
Kickback payments
Singh told the Commission that he was not aware that Gupta-associate Essa was earning kickback payments through McKinsey’s agreement with Transnet.
His testimony comes a few days after international consulting agency McKinsey agreed to pay back R870 million in consulting fees it earned from Transnet.
“I guess we would need to define instrumental. But yes, I did play a role in appointing McKinsey.”
“Mr Chair, there was a business need and the need required us to appoint advisors to be able to satisfy that need, and the advisors happen to be McKinsey.”
Singh denies incompetence
Singh denied that he was incompetent nor party to the looting of around R3.5 billion by the Guptas at Transnet.
“Mr Chair, if it comes to my incompetence or otherwise, I would suggest to say that it is not incompetence on my part. If it was incompetence on my part, I would say that Mr Molefe would have said that when he came and gave evidence and I don’t think he actually indicated in any way shape, or form that was the case.
“Secondly Mr Chair, in terms of it being my incompetence, at the end of the day, these transactions were not approved by me alone. I did not originate these transactions alone nor did I approve these transactions alone.”
Singh has conceded to authorising payment of R189 million to Gupta-linked Regiments Capital for the alleged provision of advisory services in a contract between Transnet and the China Development Bank without written approval from then acting CEO Siyabonga Gama.
Singh is expected to appear before the state capture commission on Friday to complete his testimony.
Commission hears Transnet-related evidence from Anoj Singh:
