The Special Tribunal has barred former PRASA CEO Lucky Montana from selling or transferring two multimillion-rand properties after the SIU said it uncovered a “direct and uninterrupted money trail” linking the homes to the controversial R5.6 billion rail security tender.
The Special Investigating Unit (SIU) has scored a major victory in its long-running investigation into alleged corruption at the Passenger Rail Agency of South Africa (PRASA), after obtaining a court order freezing two luxury properties belonging to former Group Chief Executive Officer Tshepo “Lucky” Montana.
The preservation order, granted by the Special Tribunal, prevents Montana from selling, transferring, leasing, mortgaging or otherwise dealing with the properties while the SIU pursues civil proceedings to recover assets it believes were acquired using proceeds linked to the controversial R5.6 billion Integrated Security Access Management System (ISAMS) tender.
The properties include a luxury mansion in Hurlingham, Johannesburg, purchased for R13.5 million, and another property in Waterkloof, Pretoria, bought for R2.25 million. The Tribunal has also instructed the Registrar of Deeds to place caveats on both title deeds to prevent any unauthorised transactions.
Montana served as PRASA’s Group CEO between 2010 and 2015, a period during which the state-owned rail agency awarded and expanded several multi-billion-rand contracts that have since come under intense scrutiny by investigators. One of the biggest was the ISAMS project, initially introduced ahead of the 2010 FIFA World Cup to install electronic access gates, public address systems and digital display boards at train stations to improve commuter safety and reduce fare evasion.
Although the first contract awarded to Siyangena Technologies in April 2011 was valued at nearly R2 billion, repeated extensions saw the value of four contracts balloon to more than R5.6 billion by April 2016, prompting allegations of procurement irregularities and corruption.
According to the SIU, its investigation uncovered what it described as “a direct and uninterrupted money trail” linking the purchase of Montana’s properties to funds flowing from the PRASA contracts.
Investigators allege that money moved from Siyangena Technologies through companies associated with the TMM Group before ultimately ending up in attorneys’ trust accounts used to purchase the properties.
The SIU said Montana’s declared income could not explain the acquisitions.
“The SIU’s investigation found that Montana’s legitimate income could not account for the purchase of either property now subjected to a preservation order,” the Unit said.
The investigation found that the Waterkloof property was allegedly funded after Precise Trade and Invest 02 (Pty) Ltd received millions of rand from companies linked to TMM Holdings before transferring R2.25 million to attorneys handling the property transfer.
The Hurlingham mansion, meanwhile, was allegedly acquired through a complex series of transactions involving Precise Trade and Invest, TMM Holdings and Botswana-based Midtownbrace. According to the SIU, after Siyangena received substantial payments from PRASA, R13 million was transferred to TMM Holdings, which then transferred R12 million to Midtownbrace. That company later paid R11.5 million into attorneys’ trust accounts, enabling the purchase of the luxury property, which was registered in Montana’s name in July 2015.
The SIU welcomed the preservation order, saying it was a crucial step in preventing assets from being disposed of before the civil recovery process is completed.
“The SIU welcomes the Tribunal order and regards the decision as an important step in safeguarding assets pending the finalisation of civil recovery proceedings.”
The anti-corruption watchdog added:
“The Unit remains committed to recovering financial losses suffered by the State, holding those responsible accountable, and protecting public resources from corruption.”
The investigation is being conducted under Proclamation R.153 of 2024, which authorised the SIU to probe allegations of maladministration, corruption and unlawful conduct at PRASA between January 2010 and February 2024. While the SIU can institute civil proceedings and seek to recover state losses, any evidence suggesting criminal conduct is referred to the National Prosecuting Authority for possible prosecution.
Montana and the other respondents have been ordered to appear before the Special Tribunal on 11 August 2026 to show why the interim preservation order should not be made final. The SIU has also been directed to institute its main civil proceedings within 30 days.
