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Industrials

South Africa's Transnet says irregular expenditure up to 49 billion rand

JOHANNESBURG, Sept 30 (Reuters) - South African state logistics firm Transnet said on Monday irregular expenditure in 2019 increased six-fold to around 49 billion rand from 8 billion rand in the previous year, mainly due to train replacement contracts.

A number of Transnet’s top executives, including its chief executive and chief financial officer, have been suspended or fired in the wake of an official corruption inquiry into a 54 billion rand contract to buy 1,064 locomotives.

Reporting by Tanisha Heiberg Writing by Mfuneko Toyana Editing by Louise Heavens

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