2 days ago
SIU and Transnet freeze R20 million in luxury assets amid fraud probe
SIU freezes assets linked to irregular Transnet contracts, including luxury cars, houses in Bryanston and apartments in Fourways.
The item preserved through the SIU and Transnet order. Picture: Supplied.
Luxury cars and high-end properties worth R20.3 million have been frozen by the Special Tribunal amid the Special Investigating Unit (SIU) investigation into irregular Transnet property valuation contracts.
The SIU and Transnet announced on Friday that they have obtained a preservation order from the Special Tribunal to freeze around R20.3 million worth of movable and immovable properties.
This action is part of an ongoing investigation into three allegedly irregular contracts with Transnet SOC Limited for property valuation services.
The order prohibits Humphrey Tshepo Moyo, Neo Shown Matlala, MM Real Estate (Pty) Ltd, and any other parties from renting, selling, giving away, or making any changes to the frozen properties until the legal case is concluded.
The preserved luxury vehicles include a Porsche 718 Boxster, a Mercedes-Benz V250d Avantgarde 3.2 T, a Volkswagen Amarok, a Toyota Hilux linked to MM Real Estate (Pty) Ltd or a linked individual, a Volkswagen Amarok linked to Moyo, a Porsche Macan S Diesel linked to Matlala, and a Mercedes-Benz C200 linked to HTM (PTY) LTD.
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The order preserved several properties, including one in Broadacres Extension 11 Township, apartments in Fourways Extensions 54 and 24, an apartment in Bryanston Extension 7 linked to S Mabuza Properties (Pty) Ltd, and four office units in Vanderbijlpark linked to Ladybird Business Hive.
The SIU and Transnet said the interim order follows an SIU investigation that uncovered significant irregularities in the awarding of three contracts for property valuation services to Transnet.
The SIU was appointed by Transnet to investigate several questionable transactions related to Transnet Property. Totalling R89 million, the contracts were granted in 2019, 2021, and 2022.
'Serious flaws in procurement processes'
'Working closely with Transnet, the SIU's investigation revealed serious flaws in the procurement processes, raising concerns about compliance with supply chain management regulations and the possibility of undue influence in the awarding of these contracts,' stated the SIU and Transnet.
Additionally, Transnet and the SIU believe that Transnet may not have received full and fair value for the money paid under the disputed contracts.
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