Former Transnet CEO Brian Molefe said that it was an oversight on his part that ministerial approval was not obtained for increasing the price of the 1,064 locomotives because he was human.
Molefe was continuing with his testimony at the state capture commission on the acquisition of the locomotives.
The former CEO maintained that the initial price of the locomotives included hedging and escalation but when bids were submitted, the market showed Transnet the real price.
He said that the R49 billion price that was put on the 1,064 locomotives came from bidders in the market and that the initial price of R38 billion was a desktop estimate.
Molefe said he took responsibility for non-compliance on the increase.
“I submit it was not done intentionally or out of malice,” said Molefe.
“We are talking about billions of rands. How does one forget to get ministerial approval or to ensure that this regulatory compliance?” questioned state capture inquiry evidence leader Advocate Anton Myburgh.
Molefe responded by saying that he was human.
The former Transnet boss said that he couldn’t remember if it was him or the board chairperson who signed the final approval.
-EWN
In other news – Photos: Pretty (Lerato Marabe) from Skeem Saam gets married
Its wedding bells for Skeem Saam actress Lerato Marabe who plays Pretty Seakamela on the soapie – younger sister to Clement Maosa’s Zamokuhle Seakamela and Innocent Sadiki’s Sthoko.
It’s been reported by several publications that the actress got married traditionally over the weekend. Learn More