TimesLIVE reports that the Transnet fraud and corruption case involving about R400m has been postponed to 20 April 2023, after which it will be transferred to the High Court for trial.

The 11 accused include former group CEOs Brian Molefe and Siyabonga Gama, former CFOs Anoj Singh and Garry Pita, and former group treasurer Phetolo Ramosebudi. They appeared in the Palm Ridge specialised commercial crimes court on Wednesday alongside Regiments Capital directors Niven Pillay and Litha Nyhonyha, former Regiments Capital shareholder Eric Wood and his employee, Daniel Roy, and Kuben Moodley, owner of Albatime. Another accused added in October is Goitseone Mangope as a representative of consulting firm McKinsey SA. It was confirmed that April 20 would be a “holding date” to be used to assess the case before parties decided on their next steps. The former executives are charged with contravening the Public Finance Management Act (PFMA) and fraud, while others are charged with fraud and money-laundering. The charges relate to millions Transnet paid Trillian for organising a R30bn club loan to help buy 1,064 locomotives. It was allegedly a double payment as Transnet had already paid Regiments Capital, where Wood was also a director, for the work. Trillian allegedly did nothing to earn the fee, but invoiced Transnet.

• Read the full original of the report in the above regard by Issac Mahlangu at BusinessLive

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