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SIU freezes Transnet exec’s luxury properties and pension benefits
The SIU investigation revealed the properties were allegedly funded by money received from service providers contracted by Transnet.
Despite the lifting of the force majeure at the Transnet Port Terminals (TPT) division, most of the group’s websites are still offline, including the main Transnet website, as well as the TPT and Transnet Freight Rail divisions. Photo: iStock
The Special Investigating Unit (SIU) and Transnet have obtained a preservation order from the Special Tribunal to freeze luxury properties and pension benefits linked to Transnet executives and their spouses.
The assets are valued at approximately R1.8 million, pending the final determination of civil proceedings for recovery of damages or losses and disgorgement of secret profits.
SIU preservation order
The Special Tribunal order dated 8 August 2022, prohibits Zakhele Lebelo, his wife Alletta Mokgoro Mabitsi, and Phathutshedzo Brighton Mashamba and his wife Matlhodi Phillicia Mashamba from selling, leasing, donating or transferring the titles of their luxury properties in Rosebank and Deinfern.
The SIU investigation revealed the properties were allegedly funded by money received from service providers contracted by Transnet.
“Therefore, the luxury properties constitute proceeds of unlawful activities hence the application for a
preservation order pending the final determination of the review application,” said the SIU in a statement.
The luxury properties are now under the care of a curator.
Unlawful financial benefits
The SIU and Transnet had approached the Special Tribunal following an investigation that revealed that the two Transnet executives allegedly received unlawful financial benefits worth approximately R10 million from Transnet service providers Superfecta Trading 209 (Superfecta) and BBDM Bros Advertising Agency (BBDM).
“The executives allegedly used unlawful financial benefits to acquire luxury properties on behalf of Trusts administered by themselves and their spouses,” said the SIU.
Superfecta provided Transnet’s electrical and maintenance services from 2016, while BBDM obtained a long-term lease of Transnet Property’s Carlton Skyrink Building in 2015.
Between February 2016 to August 2018, Superfecta earned over R64 million in payments from Transnet, as a result of its business with Transnet Property.
BBDM paid tenant installation allowances totalling over R73 million between March 2015 to June 2018.
The Special Tribunal order interdicts and restrains the Transnet Retirement Fund from paying out or transferring any benefits it holds and standing to the credit of Lebelo, who resigned in November 2018, pending a disciplinary enquiry.
On 16 May 2022, Transnet suspended Mashamba from his position as regional manager: coastal region pending the SIU’s investigation.
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