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Moneyweb reports that former Transnet executives Brian Molefe and Anoj Singh, together with Regiments Capital directors Niven Pillay and Litha Nyhonhya, appeared in the Palm Ridge Specialised Crimes Court in Johannesburg on Monday in connection with fraud and corruption charges at the ports and logistics giant.
The group was arraigned on charges stemming from the locomotives transaction advisory tender that was awarded to a McKinsey-led consortium in 2012, resulting in the procurement of 1,064 locomotives worth more than R54bn. Regiments Capital was irregularly brought on board and ended up benefiting from the irregular appointment by Transnet in respect of the contract. Molefe and Singh – the former Group CEO and former CFO of Transnet respectively – and their co-accused were charged with contravening the Public Finance Management Act (PFMA) and fraud, while Pillay and Nyhonhya are also facing money laundering charges. The four were granted R50,000 bail each with conditions including the handing in of their passports. The NPA also confirmed that the state had issued warrants of arrest for Gupta-linked Salim Essa and Ashok Narayan, both of whom are currently out of the country. The court appearance of Molefe, Singh, Pillay and Nyhonhya followed that of other Transnet executives or executives from state capture-tainted companies, such as Trillian Capital Partners and Albatime Investments, who appeared in court earlier this year on corruption charges. These included another former Transnet Group CEO, Siyabonga Gama, former Transnet CFO and acting group CEO Garry Pita and former Transnet group treasurer Phetolo Ramosebudi.
- Read the full original of the report in the above regard by Nondumiso Lehutso at Moneyweb
- Read too, Brian Molefe, Anoj Singh and co-accused granted bail after arrests in Transnet fraud case, at Mining Weekly
Get other news reports at the SA Labour News home page