JOHANNESBURG – Embattled state-owned entities Denel and Transnet on Wednesday moved to clean house after years of mismanagement and corruption.
The arms manufacturer said it was taking “bold steps” to revive the company plagued by lapses in governance as the group reported an operating loss of R1.7 billion in the 2017/18 financial year.
In the meantime, Transnet, the rail freight logistics giant, put its group general manager for finance, Edward Thomas, on suspension over his links with the Gupta family in his previous role as group supply chain officer.
Transnet board chairperson Popo Molefe said Thomas had been suspended pending investigations into various allegations of misconduct involving a number of contracts.
“Transnet is currently conducting investigations into allegations of impropriety concerning the role played by some advisers and consultants, including Regiments Capital, Trillian Advisory Services, Trillian Capital Partners and Nkonki, in which Thomas is alleged to have played a role,” Molefe said.