South Africa’s transport and logistics utility, Transnet, has a new interim board to be chaired by businessman and ANC heavyweight, Popo Molefe. This comes after the new minister of public enterprises, Pravin Gordhan, reshuffled the old board amidst allegations of massive corruption. Other members of the old board have resigned following the allegations of corruption.
In a statement released yesterday the department of public enterprises said “having carefully considered
representations by the remaining Transnet directors, Mr. Seth Radebe, Ms. Potso Mathekga and Mr. Zainul Nagdee concerning their retention on the new board, Minister Pravin Gordhan has decided to remove them as non-executive directors with immediate effect.”
The minister has appointed a new interim board, pending a full appointment, in consultation with Cabinet. Here follows members of the interim board and motivations offered by the minister:
Mr Popo Molefe (Chairperson)
His leadership expertise, knowledge of transport logistics, mineral resources and
diverse industries are expected to add value to the board.
Louis von Zeuner
His skills in investment, financial management, auditing, risk management and leadership are expected to add value to the board.
A qualified Chartered Accountant with expertise in financial management, audit- and risk management.
Holds a Master of Business Administration (MBA) from GIBS and an LLM from the University of New Hampshire. Her skills in corporate legal and regulatory, mergers and acquisitions are expected to add value to the board.
He recently retired from Alexander Forbes as Group CEO, a position he assumed in 2010. He is a former Deputy Commissioner of the South African Revenue Service (SARS). His expertise in financial business management and his leadership in positions in both the public and private sectors, are expected to strengthen the board.
Her skills in engineering and project management, strategy and rail transport are expected to add value to the board.
Gordhan said “Transnet is facing serious allegations of maladministration and corruption. The previous board has not demonstrated appreciation of the seriousness of issues at hand or the ability to deal with these decisively in order to protect the entity in the interest of South Africans.
“We have to hold directors of SOCs to a high standard of corporate governance and accountability and to protect the assets of the State.”