WATCH LIVE | Former Transnet engineer testifies at state capture inquiry

17 May 2019 - 09:50 By TimesLIVE

Former Transnet electrical engineer Francis Callard is testifying at the state capture inquiry on Friday.

During his testimony this week, the parastatal's group acting chief executive officer Mohammed Mahomedy revealed that Gupta-linked company Regiments Capital allegedly scored R227m for carrying out loan swaps on behalf of Transnet, a task the state-owned company's treasury team was more than capable of doing itself.

Mahomedy said that by 2015 Transnet had entered into a number of loan transactions with various foreign financial institutions. The loans, obtained from Germany, Canada and the Chinese Development Bank, amounted to more than R30bn. This excluded a "club loan" of R12bn sought from five institutions.  

All the loan transactions were granted at floating rates.