Feb 9, 2023

Mawazo Writing Africa

Writing about the main

Ex-Transnet executives, ‘Gupta-linked associates’ granted bail after arrest for alleged corruption

Siyabonga Gama, former CEO of Transnet, and Eric Wood of Trillian were awarded bail of R50,000 and R250,000 respectively by the Palm Ridge Commercial Crimes Court on Friday.

Her co-defendant, the Former Transnet Chief Financial Officer Garry Pita and Trillian co-founder Daniel Roy were also released on R50,000 bail, while ex-Transnet Treasurer Phetolo Ramosebudi was granted R25,000 bail by Judge Brian Nemavhidi.

The National Prosecuting The agency’s Directorate of Investigation (ID) announced the five arrests early Friday, saying the defendants face charges of alleged violation of the Public Finance Management Act, fraud, corruption and money laundering.

ID spokeswoman Sindisiwe Seboka said they joined Kuben Moodley, suspected Gupta family fixer who was arrested in connection with the matter last September /p>

Wood, through his legal representative, told the court that he cooperated with prosecutors and the police when he was briefed on the case charges. “I have expressly denied having committed any of the offenses formulated or charged against me.”

He told the court he would not evade the proceedings and said most of his assets were in South Africa lies: “I have shown cooperation.”

Prosecutor Thembela Bakamela did not object to bail and indicated that the state would not provide any evidence at this time.

According to ID, Transnet Issued a tender for transaction advisory services in 2012 to fund $2.5 billion (equivalent to about $30 billion at the time) to fund a deal for 1,064 locomotives.

Transnet appointed JP Morgan as the advisory service in 2015. From July to October of the same year, the same officials at Transnet began facilitating the termination of the contract with JP Morgan. The termination resulted in Trillian being appointed in October 2015.

An invoice for R93.4m was allegedly submitted by Trillian via Roy. The bill was reportedly approved by Pita and Gama and payment was made to Trillian’s account in December 2015. Three days later, R74 million was allegedly paid to Albatime, owned by Kuben Moodley, for no apparent reason.

Before that, in June 2015, a payment of R189 million was allegedly made by Transnet to Regiments for the same services.

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“Attorney Andrea Johnson is confident that the ID is on track to hold accountable those alleged to have been at the center of, or facilitated, the government’s capture. This is the second landmark issue to be written this week, and more are expected in the next six months. She continues to thank the Hawks for their support in this matter,” Seboka said.

The case will be brought back to court on July 13 to add another defendant.

TimesLIVE previously reported that Moodley’s arrest on charges of fraud, theft, corruption and money laundering was related to contracts allegedly abusively awarded by Transnet to Regimental Capital and Trillian, and alleged theft by regimental fund managers from Transnet Second Defined Benefit Fund .

Gama is among former Transnet executives, including Pita, who were arrested for transactions between the state company and the Guptas and their allies should be investigated.

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