Act amended to protect Transnet's assets
Transnet and the department of environmental affairs have reached an agreement on amendments to the National Environment Management: Integrated Coastal Management Act of 2008.
This will ensure that the act does not have the unintended effect of the state appropriating all the port assets of the National Ports Authority below the high water market - including the breakwaters‚ entrance channels‚ turning basins and quay walls - estimated to have a value of R46bn.
MPs were told of the agreement on Tuesday morning by Transnet officials.
The appropriation posed a material threat to Transnet's business‚ port operations‚ loan agreements‚ capital investments and financial position.