Chaos, Covid-19 and capture: the turbulent tale of Transnet's loss

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Picture: Getty Images
Picture: Getty Images

Transnet group CEO Portia Derby and CFO Nonkululeko Dlamini faced an understandably cranky audience late on Friday afternoon to announce that the state-owned entity incurred a loss of R8.4 billion in its latest annual financial year.

However, as bad as that predicament may sound, it was merely the expecting cherry on top of what was a hellish year for an entity that had to deal with Covid-19, a legacy of state capture, vandalism, and multiple cyberattacks.

Before the entity released its annual financial statements for the year ended in March of 2021, it held its annual general meeting, which saw a -hour delay in its conclusion. This delayed the release of the annual financial statements in terms of Johannesburg Stock Exchange guidelines.

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