Turmoil at Transnet

For our economy to flourish, it’s vital that Transnet – the parastatal responsible for our rail network and ports – functions properly. But, despite endless promises of a turnaround, it’s an organisation on the skids. Poor management, equipment failures and other issues are causing massive delays at most of our ports, which now ranks among the worst in the world. The impact on our economy has been devastating. So, we headed to Cape Town determined to get some answers.
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In August 2012, Trendon T. Shavers (aka “Pirate” and “pirateat40”), the founder and operator of “Bitcoin Savings and Trust” (BTCST), a non-existent company advertised over an internet forum, disappeared from the public scene. Shavers raised at least 700,000 Bitcoin in BTCST investments by running it as a Ponzi scheme. The fact that BTCST was run using Bitcoin makes this a unique instance of a Ponzi scheme. It allowed Shavers to initially stay completely anonymous, making it possible for him to just disappear with the money from his investors. Although some called it a pyramid scheme, BTCST is generally considered a Ponzi scheme. At the time he disappeared, somewhere around August 31, the 700,000 BTC were valued at around US$4,500,000. However, since Bitcoin prices increased significantly since the time it happened, they are now estimated to be worth more than US$2.5 billion. The SEC charged Shavers with securities fraud. Shavers pled guilty, and on July 21, 2016, he was sentenced to 18 months in prison, and 3 years of supervised release.