Former Transnet Chief Executive Officers Siyabonga Gama and Brian Molefe have handed themselves over to authorities in connection with serious fraud, corruption, and money laundering charges arising from a controversial R93 million locomotive deal.
ALSO READ: SA Comedy royalty to come together on one massive stage
A 2018 forensic report concluded that Molefe misled the Transnet board regarding its obligation to notify the then-Minister of Public Enterprises, Malusi Gigaba, about these cost escalations. Gama and Molefe are scheduled to appear in the Palm Ridge Magistrate’s Court for a bail application. The arrests were made by the Investigating Directorate Against Corruption (IDAC) and relate to a 2015 tender for the procurement of 1,064 locomotives – part of a broader R54 billion contract plagued by irregularities and alleged violations of the Public Finance Management Act. Entities linked to the Gupta family, including Regiments Capital and Trillian Asset Management, are under scrutiny for questionable payments, such as a R93.4 million transfer to Trillian and R305 million in unexplained contract escalations. Notably, within three days of receiving funds, Trillian paid R74 million to Albatime, a company owned by Gupta associate Kuben Moodley, reportedly without justification.
ALSO READ: From footballer to farmer – Andile Jali works the field
Entities linked to the Gupta family, including Regiments Capital and Trillian Asset Management, are under scrutiny for questionable payments, such as a R93.4 million transfer to Trillian and R305 million in unexplained contract escalations. Reports stated that within three days of receiving funds, Trillian paid R74 million to Albatime, a company owned by Gupta associate Kuben Moodley, reportedly without justification. Project costs surged from an estimated R38 billion in 2012 to over R50 billion, raising red flags over financial mismanagement.
