Staff Reporter.
The Commission of Inquiry into State Capture will hear Transnet-related evidence from former Chief Financial Officer (CFO) Anoj Singh on Friday.
On Thursday before the State Capture Inquiry, former Transnet chief financial officer (CFO) Anoj Singh claimed to have no recollection about behind the scenes dealings by Regiments Capital, owned by Gupta associate Salim Essa.
Singh was at the inquiry to testify about his involvement in the increased payments given to Regiments, a consultancy firm that provided financial advice to Transnet during its project to acquire 1,064 locomotives. Regiments worked with McKinsey & Co, another consultancy firm, on the project.
In March, former Transnet CEO Brian Molefe told the inquiry he had trusted Singh’s recommendations on the deal, specifically on an increase in costs. In April 2014, Molefe approved increased payments to Regiments Capital. Singh, who was CFO at the time, prepared a memorandum in which Regiments’ payments increased from R21-million to R99.5-million.
Regiments Capital was owned by Essa, a known associate of the Gupta family. Trillian whistle-blower Mosilo Mothepu told Parliament in 2017 that Essa and associate Kuben Moodley received a 50c commission on every rand that was earned through clients such as state-owned entities Transnet, Denel and South African Airways.
Essa, who has since relocated to Dubai, sent the inquiry a letter in March, threatening legal action after he claimed the inquiry defamed him.
Singh denied he met with Regiments before the locomotives deal took place. Inquiry chairman Deputy Chief Justice Raymond Zondo told Singh one of the inquiry’s goals was to figure out how “this thing” (State Capture) happened.
Zondo asked Singh whether he was “incompetent or part of the deceived”.
“The latter,” replied Singh.
This prompted Transnet evidence leader Anton Myburgh SC to ask: “It seemed you were deceived or scammed?”
“It would seem so,” said Singh.
Below is the live stream:
Video Courtesy of SABC.