Se­nior of­fi­cials are sus­pended

The Star Early Edition - - COMPANIES -

STATE-RUN trans­port and lo­gis­tics com­pany Transnet said yes­ter­day it had sus­pended se­nior of­fi­cials af­ter ex­ter­nal au­di­tors flagged “re­portable ir­reg­u­lar­i­ties” to their reg­u­la­tory body. Transnet’s ad­mis­sion comes a day af­ter power util­ity Eskom said its au­di­tors had raised sim­i­lar is­sues with the In­de­pen­dent Reg­u­la­tory Boards of Au­di­tors, high­light­ing grow­ing gov­er­nance con­cerns in South Africa’s state-run com­pa­nies. “The re­portable ir­reg­u­lar­i­ties re­late to non-com­pli­ance and non-ad­her­ence to stip­u­lated in­ter­nal pro­cure­ment pro­cesses and re­quire­ments of law in pro­cure­ment con­tracts en­tered into be­tween Transnet and var­i­ous ser­vice providers by a num­ber of se­nior of­fi­cials,” Transnet said. “The ir­reg­u­lar­i­ties are no longer tak­ing place. The af­fected se­nior of­fi­cials have been sus­pended, le­gal ac­tion has been taken where ap­pro­pri­ate, and dis­ci­plinary ac­tions are un­der­way,” it said, with­out pro­vid­ing ad­di­tional de­tails. – Reuters

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