Businessman and his company to face the music for his role in the plundering of millions of rands from Transnet but the stated has only recovered about R230,000 so far
A businessman and his company face multiple charges for their role in the alleged looting of millions of rands from Transnet , along with two of the state-owned entity’s former bosses. Picture: Henk Kruger / Independent NewspapersThe SA Reserve Bank has managed to find only about R223,000 in bank accounts of a businessman accused of plundering contracts worth R160 million from state-owned rail, logistics, port and pipeline company Transnet .
IGS Consulting Engineers was knowingly appointed by Phumlani Kubheka, who was a project manager for various Transnet projects, through a joint venture with another company called Turnmill ProQuip Engineering despite their lack of proper Construction Industry Development Board grading, which resulted in fruitless and wasteful expenditure.
Fundi Tshazibana, deputy governor of the SARB’s Prudential Cluster, this week gave notice of the decision to forfeit to the state about R230,000 held in ten different accounts by IGS Consulting Engineers and Sithole. Msagala also received four cheques of R500,000 , which were issued by IGS Consulting Engineers and reflected his details on their reverse and another three cheques totalling R1m issued by the company with the details of his bodyguard, who acted on his instructions.
The SIU’s probe into Msagala, IGS Consulting Engineers and Sithole’s dealings uncovered that the former executive, who was TCP boss between September 2014 and May 2016, used some of the funds to register several properties, valued at R15.2m. Msagala also bought two properties in Phuthaditjaba and Harrismith in the Free State for R200,000 and R840 000 in October 2015 and November 2015 respectively.
Transnet Special Investigating Unit Gauteng South Africa Crime And Courts Fraud Corruption Money Laundering
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Only R230 000 recovered from R160m Transnet tender ‘plunder’Businessman and his company to face the music for his role in the plundering of millions of rands from Transnet but the stated has only recovered about R230 000 so far
Read more »
Agile Business Analyst - R800,000 - R990,000An Agile Business Analyst is needed by a company driving digital transformation. This role will translate business requirements into technical solutions.
Read more »
Transnet Posts Loss Despite Revenue IncreaseTransnet's half-year results show a 6% revenue increase but a larger loss, highlighting ongoing challenges with security and infrastructure.
Read more »
Private rail revolution begins in SA with Transnet’s landmark decisionIn a groundbreaking move for South Africa's transport sector, private sector participation in the country’s rail network is now a reality, thanks to Transnet’s publication of the final Rail Network Statement on Friday, Cape {town} Etc reports.
Read more »
Release of Transnet Network Statement welcomedThe Transnet Network Statement contains important information for train operating companies that want to use the rail system.
Read more »
Hawks Seize R40,000 From Illegal Immigrant in Land Fraud CaseThe Hawks have successfully confiscated R40,000 from Gift Mafukidze, a Zimbabwean national illegally residing in South Africa. Mafukidze was arrested and charged under the Immigration Act and is accused of being involved in land fraud.
Read more »