Where is the Transnet loot and why hasn’t it been recovered? Given the government’s recently announced austerity measures targeting social spending, this question demands an urgent answer.
Why have institutions such as Transnet thus far largely failed to fully recover funds looted during the State Capture era? The R16-billion price hike in a 2014 Transnet train deal was engineered to send kickbacks to Gupta-linked firms. While the Guptas aimed to get rich from corruption, special mention must be made of the Chinese state-owned Chinese Railway Rolling Stock Corporation (CRRC). Why has the world’s richest rolling stock company never been held to account for its South Africa profits?
South Africa had not seen a more devastating corruption-linked scandal, with a price tag as hefty as this, since the notoriously corrupt Arms Deal. The seven-year-old Transnet swindle exemplifies the need to hold state capturers accountable. Without recovery of funds, any accountability remains a smokescreen.
***********************