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Gordhan removes three Transnet board members

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Public Enterprises Minister Pravin Gordhan has removed three board members from the troubled state-owned firm Transnet and appointed an interim board.

Transnet is one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma.

President Cyril Ramaphosa has pledged to clean up governance at companies such as Transnet.

These is in an effort to kick-start economic growth and attract foreign investment.

Zuma denies allegations of corruption and mismanagement. ANC veteran Popo Molefe, who will chair Transnet’s interim board, says his priority is to stabilise the firm…

“The priority is to understand the mandate of the organisation, the expectations of the minister and to stabilise the organisation. There has been state capture in the state entities and Transnet could not escape that. But we are not going to be looking for looters and crooks behind every nook and cranny. I think the critical issue is for us to make SOEs work, to make government better and to prudently manage the scarce recourses of the taxpayer.”

[Source: SABC]
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