The board of state owned logistics company Transnet has served notice on CEO Siyabonga Gama and two other top senior officials that it intends to place them on precautionary suspension.

Chief procurement officer Thamsanqa Jiyana and supply chain manager Lindiwe Mdletshe also received letters on Wednesday. All three have been given until Monday to give reasons why they should not be suspended.

The move comes after reports from attorneys and forensic investigators revealed "various acts of possible misconduct against the three employees" and recommended further investigations be carried out to establish the extent, Transnet said in a statement.

The alleged misconduct includes flouting the Public Finance Management Act, Transnet's own procurement policies and the Companies Act.

In the case of Gama, the board said it was also dealing with allegations that he had wrongfully obtained his MBA with the help of a service provider of Transnet.

"In view of the seriousness of the alleged transgressions, the Transnet Board is concerned that the continued presence of the three employees, given their seniority and influence might interfere with and jeopardise the investigation," Transnet said.

Gama told online publication Fin24 earlier this month that he only received help with the language and flow of his MBA thesis, not the content.