The Transnet executives will be added to the fraud and corruption case involving former CEO Siyabonga Gama. 👇
Gama will be joined by former acting CFO Garry Pita and former treasurer Phetolo Ramosebudi.
Gama and Ramosebudi are in the dock with Regiments shareholder Eric Wood, Trillian co-founder Daniel Roy and Kuben Moodley, an alleged “fixer” for the Guptas.Regional Magistrate Brian Nemavhidi granted Gama, Pita and Roy bail of R50 000 each, while Wood and Ramosebudi were granted bail of R250 000 and R25 000 respectively.t and Transnet obtained a preservation order from the Special Tribunal to freeze luxury properties and pension benefits linked to the 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. 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 and BBDM Bros Advertising Agency .
“The executives allegedly used unlawful financial benefits to acquire luxury properties on behalf of trusts administered by themselves and their spouses,” said the SIU.
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