Acting Transnet CEO focusing on ‘getting cash back into the business’
Acting Transnet CEO Michelle Phillips has called on the government to assist the entity in curbing instances of theft and vandalism plaguing its infrastructure.
Phillips gave an update on the cash-strapped entity's recovery plan, which has seen the board calling for an R47 billion equity injection.
Transnet has also said it needs R61 billion in debt relief.
A spate of senior executives have also left the entity recently, including CEO Portia Derby, CEO of Transnet Freight Rail Sizakele Mzimela, and the head of Northern Corridor coal line, Ali Motala.
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Phillips said their main focus is on revenue generation.
"We need to get cash back into the business. There are transactions that we need to deliver on. The government's support cannot be over-emphasised, more especially in assisting us in alleviating incidents of theft and vandalism that we are experiencing across our network. On a daily basis, we are challenged with organised crime, people doing the utmost to interrupt our business.”
Phillips said while thieves and vandals are being arrested, there is a concern over the lack of successful prosecutions.
"We appeal to police and Crime Intelligence to assist us in putting an end to all of this, but more especially as well to prosecuting authorities. We cannot, with all the arrests that we have been making, be sitting with a situation of only three to 4% successful convictions. If we do not improve on that, we are losing the message that we need to send to criminals if they come to our network".
“It needs to be clear that they will experience the full wrath of the law. We need to ensure that we get all support from government and necessary authorities to stop these organised incidents from continuing to destroy our economy," said Phillips.
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