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Transnet on staff fraud

Fraud Alert:

Transnet says it’s taking steps against employees defrauding the company.

Parliament’s Standing Committee on Public Accounts (Scopa) has raised leadership concerns at the parastatal in the wake of irregular expenditure for the 2015/16 financial year.

Executives say irregular expenditure has systematically decreased in recent years because Transnet is taking legal steps against those who are stealing.

Transnet Chief Executive Siyabonga Gama says at any one time, the company manages between 3,000 and 4,000 projects.

He’s told Parliament Transnet is tightening the noose on those defrauding the company, especially employees.

In the 2015/16 financial year the company lost over R60 million in cable, track and copper theft, damage to property and the theft of vehicles but only recovered just more than R2 million. ….

MORE: Transnet tightens noose on staff fraud