South Africa: Mathane Makgatho – the Woman Who Fought the Boys’ Club of State Capture


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Former Transnet treasurer Mathane Makgatho never minced her words. If she thought there was no value add, she said no. If she thought it was theft, she told them so, and once, when it looked like the boss, Brian Molefe, needed more convincing that the deal was smelly, she told him straight: ‘We are going to jail if we sign this.’

Transnet has been billed State Capture Central. It is where billions of rand in deals went down under the stewardship of former group chief executive Brian Molefe and finance head Anoj Singh.

Today, it looks as if there is no question that there would have been a whole lot more had it not been for the resolve of Mathane Makgatho, a firm, a capable and resolute woman who briefly served as treasurer of the parastatal in 2013/2014.

Among deals she blocked or pushed back against was a R5-billion loan proposal at a time when Transnet didn’t need cash and a shadow credit-rating tool at R1.1-million a week pitched by McKinsey & Co while Transnet had an offer from Citi Bank to do this free.

A Fort Hare graduate with a Masters in Development Finance from the University of Stellenbosch,…

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Publish date : 2019-06-07 09:20:36

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