Transnet blames litigation costs for R7.3bn loss, AG seeks answers It faces an ageing fleet, high network vandalism, theft and underinvestment

Nicola Mawson

THE AUDITOR-GENERAL (AG) has raised concerns over Transnet’s financial health after the State-owned logistics operator reported a loss that widened from R5.1 billion last year to R7.3bn in the year to March, a decline that it said yesterday was because the high court had ruled that it must pay Total SA and Sasol about R6bn after the petroleum companies accused it of breaching a 1991 pricing contract. Transnet, which has made a R9.3bn provision for the estimated claim, interest and legal fees, is appealing the ruling on “various grounds”. In addition to the appeal in the matter with Total SA and Sasol, Transnet and the Special Investigating Unit (SIU) have jointly taken Nedbank to the Gauteng High Court, Johannesburg, to set aside interest rate swop transactions, which took place…

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Cape Times (Digital) - 1 Issue, 2024-09-03

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