Latest news with #TrillianCapital
News24
4 days ago
- Business
- News24
Former Transnet executives, Siyabonga Gama & Brian Molefe, arrested over R93 million locomotive tender fraud
A high-profile case involving corruption, fraud, and money laundering charges has led to the arrest of two former Transnet CEO's, Brian Molefe and Siyabonga Gama who turned themselves in to authorities on Monday, June 30, 2025. Brian Molefe is a current member of Parliament for the MK party led by former president Jacob Zuma. Read more | Controversial pastor's wife, Queen Nandi forcefully evicted from her mansion The charges relate to a 2012 tender for locomotive transaction advisory services awarded to a consortium led by McKinsey & Company - a global management consulting firm. Charges include an amount of R93 million given to Trillian Capital, a company with alleged ties to the Gupta family, for securing funding for locomotive purchases. Additionally, the contract for 1064 locomotives was allegedly initially awarded to global investment bank JP Morgan in May 2015, but was cancelled and subsequently awarded to Trillian Capital in October 2015. Investigations allege that a payment of approximately R93.4 million was made to Trillian Capital on December 3, 2015, after an invoice was submitted by Daniel Roy, a director Trillian. The payment was reportedly approved by Garry Pita and Gama. Three days after receiving the payment, Trillian Capital transferred R74 million to Albatime, a company owned by Kuben Moodley, without any known reason, according to Investigative Directorate. The matter is also included in a forensic report and the findings of the Zondo Commission, which implicated Molefe and others in siphoning funds from Transnet, the state-owned entity responsible for rail and port operations. The commission recommended that the police investigate Molefe, Gama, and others for their alleged roles in corruption. A 2018 forensic report also found that Molefe misled the Transnet board about the project's costs and entity's obligation to inform the then-public enterprises minister Malusi Gigaba about the spike in costs. The estimated cost of the project increased significantly, from approximately R38 billion in 2012 to over R50 billion. Other accused individuals include former CFO's Anoj Singh and Garry Phita, former treasurer Phetolo Ramosebudi, Regiments Capital Directors - Litha Nyhonyha and Niven Pillay, Regiments shareholder - Eric Wood, and Trillian Asset Management director - Daniel Roy. All the accused appeared at the Palm Ridge Magistrates Court today, Monday, June 30, 2025, where they applied for bail.
The Citizen
4 days ago
- Business
- The Citizen
Former Transnet top executives granted bail in R93m tender fraud case
Two MK Party MPs, Brian Molefe and Siyabonga Gama, both of whom are former Transnet executives, were granted R50 000 bail each by the Palm Ridge Magistrate Court earlier today (June 30). The pair is facing fraud and corruption charges related to Transnet's R54b locomotive tenders. Molefe, Gama, former Transnet CFO Anoj Singh and the parastatal's former engineering chief executive Thamsanqa Jiyane appeared at the court following their arrest this morning. Also rea: Former Transnet top executives Brian Molefe and Siyabonga Gama arrested While the value of the entire Transnet locomotive procurement deals was R54b, the four former Transnet executives were being charged in relation to part of the tenders, which, according to the Hawks, were worth R93m. It was the second time the two MK Party MPs, who were Transnet top executives between 2011 and 2019, were being arrested. In 2022, the two former Transnet executives were arrested in connection with part of the parastatal's same R54b locomotive procurement, which involved a Gupta-linked company called Trillian Capital. According to evidence before the Palm Ridge Commercial Crimes Court, Trillian Capital was awarded contracts irregularly at different phases during the procurement process without participating in open bids. Molefe, who was Transnet CEO from February 2011 to April 2015, was succeeded by Gama, who was previously the CEO of Transnet subsidiary Transnet Freight Rail. Also read: R18,8b Transnet recovery loan approved In 2018, the Transnet board commissioned a forensic investigation into the R54b locomotive tenders. The law firm appointed by the board, Mncedisi Ndlovu Sedumeni, found that the payments which Trillian received from Transnet were irregular. Molefe and Gama were also implicated in the Zondo Commission which investigated state capture and corruption. In its report, the commission recommended that Molefe and Game should face a criminal investigation. Meanwhile, the MK Party urged the courts to ensure that Molefe and Gama received a fair trial. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Eyewitness News
4 days ago
- Business
- Eyewitness News
Ex-Transnet execs Molefe, Gama to plead not guilty to fraud, corruption, money laundering charges against them
JOHANNESBURG - Former Transnet executives, Brian Molefe and Siyabonga Gama, said that they intend to plead not guilty to fraud, corruption and money laundering charges against them. The two MK Party members of Parliament are appearing at the Palm Ridge Magistrates Court after handing themselves over to the police earlier on Monday. They're appearing alongside Transnet's former CFO, Anoj Singh, and top engineer, Thamsanqa Jiyane. The group is linked to an alleged irregular payment of R93 million to a Gupta-linked company in 2015. The commission of inquiry into allegations of state capture recommended that Molefe, Gama and Singh be investigated for allegedly diverting state funds to the controversial Gupta family. It's understood that a contract to supply more than 1,000 locomotives to Transnet was originally awarded to another company, but this was later cancelled and given to Trillian Capital, which is linked to the Guptas. An irregular invoice for R93 million was then reportedly issued to the company. Molefe's lawyer read out her client's affidavit in court. "I intend tendering a plea of not guilty on all the charges preferred against me at the commencement of my trial and I submit that the evidence against me is extremely weak." The court is hearing the group's bail application.
