Transnet Fraud and Corruption Case Involving Former CEOs Transferred to High Court

In a significant legal development, the R405 million Transnet fraud and corruption case has been transferred to the high court in Johannesburg. The accused individuals, including former Transnet executives Brian Molefe, Anoj Singh, and Siyabonga Gama, are set to face trial for their alleged involvement in irregularities related to the procurement of 1,064 locomotives in 2015.

Key Accused

Brian Molefe, Anoj Singh, Siyabonga Gama, Niven Pillay and Litha Nyhonyha (Regiments directors), Garry Pita (former Transnet acting CFO), Phetolo Ramosebudi (former group treasurer), Eric Wood (Regiments Capital shareholder), Daniel Roy (employee of Eric Wood), Kuben Moodley (owner of Albatime)

Charges

The accused face charges related to the locomotives transaction advisory tender awarded to the McKinsey-led consortium in 2012. The subsequent procurement of 1,064 locomotives, valued at over R54 billion, has come under scrutiny due to alleged irregularities.

Specific Allegations

  1. Regiments Capital Irregular Onboarding: Gupta-linked Regiments Capital, where Eric Wood was a shareholder, was allegedly irregularly onboarded, resulting in costs exceeding R305 million.
  2. Payment to Trillian Asset Management: The accused are also charged in connection with R93 million paid to Trillian Asset Management, another Gupta-linked entity, in 2015.

The trial dates are expected to be set in March, and the case has been postponed to June 29. As investigations continue, the State aims to hold those involved accountable for their actions, ensuring transparency and justice prevail.

This case serves as a reminder that corruption and fraud will not go unpunished, and South Africa remains committed to upholding the rule of law.

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