Transnet chairperson Popo Molefe has said the group's board found that some people within the company "operate like syndicates" and collude not to reveal information on tender processes.
Molefe was speaking on Friday morning at the Transnet offices in Johannesburg during a meeting with Parliament's oversight committee on public accounts.
Earlier in the week the state-run rail, port and pipeline company said that three senior executives are facing suspension, and have until Monday, August 20 to make written submissions as to why they should not be suspended.
This includes the group's CEO Siyabonga Gama, who was present at the briefing on Friday.
The other two executives are Chief Advanced Manufacturing Officer Thamsanqa Jiyane and Supply Chain Manager Lindiwe Mdletshe. They were asked to make written submissions after investigations by Werksmans Attorneys, Mncedisi Ndlovu & Sedumedi Attorneys and Fundudzi Forensic Investigators revealed possible misconduct.
Molefe on Friday said there could be more employees involved in financial mismanagement who could face suspension.
* Correction: An earlier version of this article stated that Molefe was briefing the media, when he was in fact speaking at a Parliamentary oversight committee meeting.* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER