Singh defends hiring Regiments to advise Transnet on complex transactions
Former Transnet CFO, Anoj Singh, said that the rail agency treasury could only handle mundane functions, so it was necessary to appoint Regiments Capital as transaction advisors for more complex transactions.
A screengrab of former Transnet CFO Anoj Singh giving evidence at the state capture inquiry on 28 May 2021. Picture: SABC/YouTube
JOHANNESBURG – Former Transnet CFO, Anoj Singh, said that the rail agency treasury could only handle mundane functions, so it was necessary to appoint Regiments Capital as transaction advisors for more complex transactions.
He was at the state capture commission on Friday responding to an affidavit by head of treasury, Mathane Makgatho, who advised against the appointment.
Makgatho had gone to China with Singh to meet the China Development Bank. She said that after the meeting, Singh met the head of the bank on his own and immediately changed his travel plans to go to London instead of returning home.
Singh sent a letter informing the bank that Regiments would be lead negotiators for the facility that the rail agency was negotiating. He was pressed on whether he believed treasury was not capable.
“In my view at the time, Mr Chair, Transnet treasury had the ability to take care of the normal mundane and day-to-day activities that related to funding. In terms of this particular funding facility for the locomotives, it was a significant amount. We needed to raise R50 billion for the locomotives,” Singh said.
WATCH: Zondo Commission hears Transnet-related testimony from Anoj Singh
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