SIU strips two former Transnet Property bosses of their pensions, luxury properties

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SIUFin24 reports that two former Transnet Property bosses have been stripped of their pensions and luxury properties to pay back millions of rands in debts to Transnet.

This follows a three-year-long investigation by the Special Investigating Unit (SIU) into kickbacks they received while employed by Transnet. According to the settlement agreement concluded last week, Zakhele Thabo Lebelo, former CEO of Transnet Property, and Phathutshedzo Mashamba, a former manager under Lebelo, reached a deal with the SIU and Transnet in relation to kickbacks received between 2014 and 2019. The SIU probe, launched in 2022, found Lebelo and Mashamba guilty of receiving "bribes" and "secret profits" related to tender deals with Superfecta Trading 209 (since renamed to Dynamic Power Engineering) and BBDM Bros Advertising Agency. The Special Tribunal froze the pension and properties of Lebelo and Mashamba in 2022, and a curator was appointed to safeguard the assets for the duration of the investigation until they could be sold. Lebelo received three luxury apartment units and an "exclusive-use balcony" at The Capital on Bath in Rosebank from Superfecta, valued at between R3.8 million and R4.2 million. These properties will now be sold, and Lebelo's pension (which will be paid from the Transnet Retirement Fund to Transnet) will be used to settle his debt with the entity. Mashamba was found to have received about R2 million from Superfecta to purchase a Diepsloot property, which was then sold to buy a luxury Dainfern property valued at around R6.5 million. He also received "at least" R4.5 million from BBDM to purchase several properties, according to the settlement documents. Mashamba's pension and the sale of the properties will be used to settle his debt with Transnet.


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