Transnet awards black firm contract worth R1.3bn

Transnet SOC Ltd has awarded its biggest contract – worth about R1.3 billion – to local accounting firm SekelaXabiso over the next five years.

“Transnet’s internal audit contract is arguably the biggest outsource contract of its nature in the world,” said Transnet spokesman Mboniso Sigonyela in a statement today.

SekelaXabiso was one of three companies chosen by the Transnet Board of Directors’ Audit Committee.

Another local firm, Nkonki Inc, and KPMG were also picked. During the first year they would each have a percentage of work to share.

SekelaXabiso would get 40%, Nkonki Inc 20% and KPMG 40%.

By the fifth year, Nkonki’s share was expected to rise to 35%, and SekelaXabiso’s to peak at 45%.

Another local firm was awarded an auditing contract – SizweGobodoNtsaluba would perform the state-owned company’s external audit.

“The external audit account is worth approximately R450 million over the next five years, while the internal audit contract is close to R1.3 billion over the same period,” Sigonyela said.

This meant local firms would be leading audit work for Transnet to the value of nearly R2 billion over five years.

Chairman of Transnet’s board of directors, Mafika Mkwanazi, said appointing such firms affirmed Transnet’s commitment to broad-based empowerment.

“The two appointments are just two of the examples by which we at Transnet, as a state-owned entity, are providing the blueprint for meaningful and broad-based empowerment and skills development targeting black people, especially black women.”

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
When assisting your child with remote learning this year, did you:
Please select an option Oops! Something went wrong, please try again later.
Results
Follow the school's comprehensive sexuality education (CSE) curriculum?
14% - 418 votes
Adjust the CSE curriculum to suit the family's morals?
24% - 721 votes
Ignore the schools CSE programme and do your own teaching?
63% - 1909 votes
Vote
ZAR/USD
15.20
(-0.25)
ZAR/GBP
20.40
(-0.01)
ZAR/EUR
18.42
(-0.06)
ZAR/AUD
11.29
(-0.13)
ZAR/JPY
0.15
(+0.06)
Gold
1835.48
(-0.24)
Silver
24.14
(+0.55)
Platinum
1061.00
(+3.78)
Brent Crude
48.78
(+0.95)
Palladium
2336.01
(+1.71)
All Share
59419.37
(+0.80)
Top 40
54500.04
(+0.61)
Financial 15
11646.83
(+2.17)
Industrial 25
79758.36
(+0.10)
Resource 10
57015.33
(+0.70)
All JSE data delayed by at least 15 minutes morningstar logo