Transnet’s Acting Group Chief Executive Officer Mohammed Mahomedy says Regiments Capital and Trillian were paid R220 million and R93 million respectively in upfront commission for loans obtained by Transnet from a consortium of banks.
He says the two companies were paid despite the fact that they didn’t have a contract in place with Transnet.
Mahomedy argues that payments to Regiments and Trillian were unwarranted as Transnet had the skills and capacity internally to facilitate the loans.
He adds that it was unclear what Regiments’ role was in the transaction with the banks, as Transnet officially had already started engaging with the banks before Regiments’ participation in the transaction.
Mahomedy is appearing before the State Capture Commission of Inquiry in Parktown, Johannesburg.
Watch a related video below: