Former Transnet treasurer warned Molefe about dodgy loan

Transnet was going to waste hundreds of millions of rand through a Nedbank loan agreement and former Transnet CEO Brian Molefe knew all about it.

This according to the company’s former Group Treasurer who was testifying at the state capture inquiry.

Mathane Makgatho said she warned Molefe the proposal was criminal.

Makgatho said she went over the head of Group CFO Anoj Singh straight to Molefe to explain the interest rate charged simply wasn’t viable.

“I was very direct Chair. I said Mr Molefe if I recommend this and you approve it. Are you aware that we are going to jail? I was very direct.”

Makgatho related what happened next, “he responded and said that, really? R750-million?

“I was like yes sir it’s R750-million and I’m not going to write a recommendation that R750-million be stolen.

“So I don’t know if it’s true that you have given out an instruction but I’m telling you right now if you execute this, jail time is waiting for you.”

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Source: eNCA