Transnet on the hunt for new exec after Ramosebudi quit

Transnet has appointed Mark Gregg-MacDonald as acting treasurer, following the resignation of Phetolo Ramosebudi amid 'inside job' allegations.

"The Issuer hereby informs the market that Mr. Phetolo Ramosebudi who was the Group Treasurer and Debt Sponsor Executive has resigned from Transnet SOC Ltd with effect from 25 October 2018," Transnet announced on the JSE's SENS service. 

"Mark Gregg-MacDonald has been appointed Acting Group Treasurer for Transnet SOC Ltd with effect from 26 October 2018."

Transnet said management will in due course appoint a new debt sponsor executive.

Ramosebudi quit after being served with a notice of intent to suspend him.

Ramosebudi worked as an "inside man" for Regiments, which together with Gupta-linked Trillian Capital Partners, acted as transaction advisors in the parastal's controversial procurement of 1 064 locomotives in 2014, reported Fin24 previously.

Transnet noted that Ramosebudi resigned after he was asked to respond to a number of allegations of misconduct.

These relate to the appointment of Trillian based on "false and misleading information"; payments to Trillian for services not rendered; over-payment and loss of R150m to Regiments Capital for transaction advisory services; failure to monitor Regiments Capital's performance; and failure to declare a conflict of interest.

• READ: Transnet: Ramosebudi can resign, but we will still take action
  

Although Ramosebudi quit without responding to the allegations, Transnet chair Popo Molefe said he will still be held accountable.

"We will continue with the disciplinary process against Mr. Ramosebudi, even though he has resigned," said Molefe, adding: "We are taking a firm stand against the abuse of public money."

Ramosebudi was treasurer at several state-owned entities, including Airports Company South Africa and South African Airways.

During his time at these entities, Ramosebudi reportedly leaked confidential information and facilitated the payments of hundreds of millions in fees to Regiments Capital. 

According to a report by AmaBhungane, Regiments, in turn, was asked to pay over R6m to Ramosebudi's private companies and those of a relative, via several invoices which were delivered to Regiments director Eric Wood. These invoices were for seemingly disparate services, including the supply of alcohol and the services of a personal trainer.