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Gordhan appoints former top Anglo American exec Andile Sangqu as new Transnet chair
Gordhan said the newly reconstituted board will help propel Transnet’s strategic transformation and the execution of its mandate
Gordhan announced the new additions to struggling freight company on Tuesday night. Image: Getty Images
Public Enterprises Minister Pravin Gordhan has appointed Andile Sangqu, a former top executive at Anglo American SA, as the new chairperson of Transnet.
Sangqu previously served as the vice president of the Minerals Council of South Africa.
He is one of nine new members to join the embattled state-owned entity’s board.
Gordhan announced the new additions to the struggling freight company on Tuesday night.
New Transnet board
The other new appointments include Lebogang Letsoalo, Martin Debel, Dipak Patel, Busisa Jiya, Mosadiwamaretlwe Pearl Zambane, Boitumelo Sedupane, Refilwe Buthelezi and Elias Monage.
The new board members will join former North West premier Popo Molefe and national security advisor Sydney Mufamadi who have been reappointed to the board, together with Transnet CEO Portia Derby and group chief financial officer Nonkululeko Dlamini.
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Strategic transformation
Gordhan said the newly reconstituted board will help propel Transnet’s strategic transformation and the execution of its mandate as struggling SOE looks to get a handle on governance issues.
“It gives me great pleasure to announce these new appointments as they will ensure strategic alignment in Transnet’s pursuit of its mandate as a key lever and driver of our economic engine, development and transformation
“These appointments will put Transnet on a firm strategic path that provides critical expertise, experience and acumen for Transnet to optimally and strategically execute on its roadmap, business plan, improve governance and optimise performance,” Gordhan added.
With these appointments, the Transnet board will have a complement of thirteen directors comprising of eleven non-executive directors and two executive directors, being the group chief executive and group chief financial officer.
Gordhan said the new appointees will serve for a three-year term on the Transnet board.
Transnet corruption case
Meanwhile, the R405 million Transnet corruption case involving former Transnet executives is expected to continue in September.
The accused include Transnet’s former group chief executives Brian Molefe and Siyabonga Gama as well as the parastatal’s former group chief financial officer Anoj Singh and former CFO Garry Pita and former group treasurer Phetolo Ramosebudi.
They appeared in the Palm Ridge Specialised Crimes Court las month alongside McKinsey SA, represented by its employee Goitseone Mangope, Regiments Capital directors Niven Pillay and Litha Nyhonyha, Regiments shareholder Eric Wood, Trillian Asset Management current director, Daniel Roy, and the owner of Albatime, Kuben Moodley.
The suspects are facing charges including charged fraud, corruption, money laundering and contravention of the Public Finance Management Act in connection with Transnet’s procurement of 1 064 locomotives in 2015 worth over R54 billion.
The locomotives transaction advisory tender was awarded to the McKinsey-led consortium in 2012.
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