Transnet Names Morwe as Acting CEO Following Gama Dismissal
(Bloomberg) -- Transnet SOC Ltd. named Tau Morwe as acting chief executive officer until the end of April, bringing back a veteran of the South African state-owned company following the dismissal of Siyabonga Gama.
Morwe worked at the Johannesburg-based ports and rail operator for 17 years, heading up three departments before leaving to become a transport consultant in 2015. One of his main responsibilities in the top job will be to improve Transnet’s corporate governance after claims of mismanagement under the previous leadership, the company said in a statement on Monday.
Gama was fired in October after being linked to allegations of corruption surrounding the purchase of 1,064 new locomotives. Transnet wasted billions of rand and broke regulations when it changed the terms of that deal, an investigation by law firm Werksmans Attorneys found.
President Cyril Ramaphosa has put the clean-up of state-owned companies at the center of his pledge to stem corruption following a series of scandals under his predecessor. That’s included boardroom clearouts at Transnet, power provider Eskom Holdings SOC Ltd. and defense company Denel SOC Ltd.
©2018 Bloomberg L.P.