File: Transnet says it is working with the Hawks, National Crime Intelligence and the police.
JOHANNESBURG - Details have emerged at the state capture inquiry about large amounts of money Transnet lost due to a club loan.
In 2015, the rail company raised R12-billion to fund the acquisition of locomotives with five financial institutions.
Former Transnet group treasurer Phetolo Ramosebudi recommended it change the interest rates from floating to fixed.
Transnet lost millions as a result.
Dr Jonathan Bloom from Multipurpose Business Solution said, "Transnet does not write a cheque for Nedbank and Nedbank does not write a check for Transnet so the different paid out now is R850-million.
The R850-million was lost in addition to another R980-million, according to Bloom, bringing the total loss to R1,8-billion.