R50m damages to trains

Jun 12
But the long-term financial impact should be manageable, according to acting chief executive Chris Wells.

Wells and acting finance director Anoj Singh arrived late for a briefing of the state-owned logistics group’s annual financial results and left abruptly after taking few questions.

Explaining why Wells and Singh were late, spokesman John Dludlu said they had to meet with unions as talks continued despite workers being back on duty.

While workers across South Africa have been using the World Cup as leverage in service delivery protests and wage negotiations, Transnet has arguably faced the fiercest backlash.

It took intervention from the five million-strong International Transport Workers’ Federation before Transnet could resolve the strike last month.

When questioned about the financial impact of the strike, Wells said it was “difficult to put a number on the losses.

”Some of the damage will be recovered through insurance, but it has been disruptive”.

Observers and experts have estimated the direct losses to be between R1.5-billion and R6-billion.

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