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

Oct 26 2018 20:01
Marelise van der Merwe
Transnet  treasurer  Phetolo  Ramosebudi, in a pic

Transnet treasurer Phetolo Ramosebudi, in a picture taken during Transet and Regiments’ trip to China to finalise the $2.5-billion loan with China Development Bank. (image provided by amaBhungane)

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Transnet is continuing with its disciplinary action against former Group Treasurer Phetolo Ramosebudi despite his resignation, the entity said on Friday.

In a statement, Transnet said disciplinary action had been initiated after an investigation into the company's controversial procurement of 1 064 locomotives in 2014, where Gupta-linked Trillian Capital Partners and Regiments Capital acted as transaction advisors.

Fin24 previously reported that Ramosebudi had worked as an "inside man" for Regiments, among other things.

"Mr Ramosebudi was informed on Tuesday, 23 October of the company’s intention to suspend him, and was asked to respond to a number of allegations of misconduct. He tendered his resignation on Thursday, 25 October without responding to any of the allegations," Transnet said.

According to the statement from Transnet, the allegations against Ramosebudi 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.

The investigation into the locomotive deal is ongoing and further disciplinary action can be expected, Transnet said.

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

Ramosebudi's resignation comes on the back of an ongoing battle between Transnet and axed CEO Siyabonga Gama. Gama told Fin24 the entity overstepped its powers by firing him, while Molefe insisted it was within its rights.

Fin24 was not immediately able to reach Ramosebudi for comment on Friday evening.

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