Loading...
See More

Transnet reinstates Gama

Feb 23 2011 19:36 I-Net Bridge

Related Articles

Gama in comeback bid

New CEO to help Transnet get money

Transnet to get locomotive upgrade

Afric Oil to use Transnet pipeline

Transnet issues bond to fund expansion

Transnet gets new chief

 
Johannesburg - Siyabonga Gama has been reinstated to the executive committee of Transnet Limited following a review of his dismissal for certain governance breaches, the transport parastatal's board announced on Wednesday evening.

It said he had returned to the company with effect from today and would be based in the chairperson's office until the new group chief executive finalised the makeup of his executive team.

"The terms of the agreement are confidential. This is in line with Transnet's policies governing employer/employee relations," the board stated.

It said: "Mr Gama's reinstatement is subject to a final written warning, given the fact that Mr Gama was not found guilty of corruption and/or dishonesty. The board is of the view that such an agreement is in the best interest of the company.

"The board believes the settlement brings finality to this matter and would bring to an end the harmful publicity surrounding it.

"As a result of the agreement, Transnet management can focus all its time and efforts in keeping Transnet a world class operation," the Transnet board stated.

"Finally, the board mandated Mr Mafika Mkhwanazi, the chairperson of the board, to handle the Gama matter to its conclusion. This includes facilitating the cultivation and maintenance of cordial relations between Mr Gama, his colleagues in the executive committee and the rest of Transnet's employees.

"Mr Gama has affirmed his support to the management of Transnet under the leadership of the new group chief executive, Mr Brian Molefe," the board said.

The former freight rail chief executive at the parastatal, tipped at one stage to be the group CEO, Gama was found guilty in June last year of a serious breach of governance requirements in relation to two procurement contracts.

He was suspended in 2009 to face charges related to the allocation of a contract to refurbish 50 locomotives to Sibanye Trade Services, which allegedly lacked experience in the renovation of locomotives.

Gama, who had the authority to sign off on contracts worth less than R1m, also allegedly awarded a R19m contract to a security firm with alleged links to former communications minister Siphiwe Nyanda.
transnet  |  siphiwe nyanda  |  siyabonga gama
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
14 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...