It said the process was initiated after an investigation into the company’s procurement of 1064 locomotives in 2014, where Regiments Capital and Trillian acted as transaction advisers. Photo: File.

JOHANNESBURG – Transnet in a move to put its house in order said at the weekend that it was continuing with disciplinary action against its former group treasurer, Phetolo Ramosebudi. 

It said the process was initiated after an investigation into the company’s procurement of 1064 locomotives in 2014, where Regiments Capital and Trillian acted as transaction advisers.

“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 the allegations against Ramosebudi related to the appointment of Trillian based on “false and misleading information”; payments to Trillian for services not rendered; over-payment and the loss of R150 million to Regiments Capital; and failure to monitor Regiments Capital’s performance and failure to declare a conflict of interest. 

BUSINESS REPORT