Transnet is the government owned parastatal transport company in South Africa – railways ports, that sort of thing. Current allegations are that the management appointed to the company essentially looted it. Which is an interesting warning about government ownership itself and the associated political appointment of management. For it does rather matter who the politicians are and who they appoint on that political basis:
TRANSNET WAS THE FIRST TARGET OF STATE CAPTURE – POPO MOLEFE
The parastatal’s board chair says some executives were professional thieves and went to work only to loot the company.