Transnet Second State Company to Flag Accounting Irregularities

Posted by Eric Haun!!!

South African state-run transport and logistics company Transnet said on Wednesday it had suspended senior officials after external auditors flagged "reportable irregularities" to their regulatory body.
Transnet's admission comes a day after power utility Eskom said its auditors had raised similar issues with the Independent Regulatory Boards of Auditors, highlighting growing governance concerns in South Africa's state-run companies.
"The reportable irregularities relate to non-compliance and non-adherence to stipulated internal procurement processes and requirements of law in procurement contracts entered into between Transnet and various service providers by a number of senior officials," Transnet said in a statement.
"The irregularities are no longer taking place. The affected senior officials have been suspended, legal action has been taken where appropriate, and disciplinary actions are underway," it said, without providing additional details.
It added that the pricing on its bonds was stable.


(Reporting by Ed Stoddard; Editing by Susan Fenton)
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