Palm Ridge Court to hear ex-Transnet executives and others’ matter
Former Transnet executives and their co-accused will soon appear before the Palm Ridge for range of charges, which stem from the locomotives transaction advisory tender.
Former Transnet executives and their co-accused, who face a range of charges, including contravention of the Public Finance Management Act (PFMA) and fraud, are expected to reappear in the Palm Ridge Magistrate’s Court on February 23.
Other accused individuals in this matter face fraud, corruption, and money laundering charges.
This is after their arrest by the National Prosecuting Authority’s Investigating Directorate (ID), assisted by the Hawks.
The accused include former Transnet executives Brian Molefe, Anoj Singh, Siyabonga Gama, Garry Pita, Phetolo Ramosebudi and Regiments Capital director Niven Pillay.
Litha Nyhonhya, Trillian Asset Management’s current director, Daniel Roy (Novum Asset Management), Kuben Moodley, and owner of Albatime Pty Ltd Kuben Moodley are among others.
“The charges stem from the locomotives transaction advisory tender awarded to the McKinsey-led consortium in 2012, resulting in the procurement of 1 064 locomotives valued at over R54b. Regiments Capital was irregularly brought into the contract and benefited from Transnet’s irregular appointment, increasing the contract’s value and scope to over R305m,” said ID national spokesperson Sindisiwe Seboka.
Their services included sourcing loans from the China Development Bank (CDB) and the Club Loan, amounting to $2.5b, equivalent to R30b at the time, on behalf of Transnet.
The accused also faces charges related to the R93.4m payment to Trillian Asset Management in 2015.
The matter was accordingly postponed to the lower court for the accused to be served with the requisite papers.
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