Detailed Spoornet results get the chop

Leonard Neill FOLLOWING A series of cancelled Spoornet media briefings it has become clear that the rail utility's financial affairs will no longer be separated from that of parent company Transnet. A planned media briefing last Thursday was cancelled and journalists were brought to a halt in the Spoornet head office foyer to be told of the decision which had emerged from Transnet. The briefing had been postponed from a scheduled date a week earlier. The annual results were to be released at this event, but Transnet spokesman Tami Didiza has announced that Spoornet is not a separate legal entity from Transnet, does not have its own board of directors and will, therefore, have all of its financial details in future included in the annual Transnet report. South African Airways, which is also under the Transnet wing, differs in that it has a separate agenda with a full board of directors and will continue to release its own financial report. Numerous business executives approached by FTW since the cancellation of the release of the annual report have voiced their dissatisfaction at the current situation. Many have pointed out that Spoornet has not been able to meet general freight bookings while appearing to favour the coal and ore rail facilities which have been revealed in past financial reports as the two most profitable sectors of the rail system. "There is always plenty of rolling stock available in those areas, but never enough when we need it," said a leading figure in the mining field. A Spoornet spokesman told FTW this week that urgent meetings were being held at present where all factors were being discussed, and that a press announcement was likely to be made before the end of the month. It is not certain, however, when an announcement will be made on the appointment of a new chief executive.