[TRANSNET LOCOMOTIVES CORRUPTION CASE] Former Transnet Executives: Brian Molefe, Anoj Singh, Siyabonga Gama, Garry Pita, Phetolo Ramosebudi, as well as Regiments Capital Directors Niven Pillay and Litha Nyhonhya, Trillian Asset Management’s Director Daniel Roy (Novum Asset Management), Kuben Moodley, and Albatime Pty Ltd owner, appeared before the Johannesburg High Court on charges of the contravention of the Public Finance Management Act (PFMA) and fraud. The matter was postponed to 31 January 2025 for the state to provide the accused with further particulars.
Their charges which include fraud, corruption, and money laundering, stem from the locomotives transaction advisory tender awarded to the McKinsey-led consortium in 2012, resulting in the procurement of 1064 locomotives valued at over R54 billion. Regiments Capital was irregularly brought into the contract and benefited from Transnet’s irregular appointment, increasing the contract’s value and scope to over R305 million. Their services included sourcing loans from the China Development Bank and the Club loan, amounting to $2.5 billion, equivalent to R30 billion at the time, on behalf of Transnet. Additionally, the accused also face charges related to the R93.4 million payment to Trillion Asset Management in 2015.
All the accused are expected back in court in January 2025 when the matter resumes.
