Former Transnet CEO Siyabonga Gama and 4 Others Granted Bail of R425K, Face Charges of Fraud, Corruption
- Former CEO of Transnet Siyabonga Gama and four other ex-officials face charges of fraud, corruption, and money laundering
- They were granted bail of a total of R425 000 at the Palm Ridge Magistrate's Court on Friday 27 May
- Numerous findings related to the five accused were detailed in the second volume of the State Capture Inquiry report
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JOHANNESBURG - The former CEO of Transnet Siyabonga Gama and four other ex-officials were granted bail of a total of R425 000 at the Palm Ridge Magistrate's Court on Friday 27 May.
They were arrested by the Hawks and the National Prosecuting Authority's Investigating Directorate earlier on charges of contravention of the Public Finance Management Act.
Source: Getty Images
Eric Wood from the Gupta-linked Regiments Capital and Trillian Capital Partners was also amongst those arrested. In addition, the five face charges of fraud, corruption, and money laundering, according to eNCA.
Chief Justice Raymond Zondo recommended the prosecution of Gama, Wood, former CEO Brian Molefe, CFO Anoj Singh, Gupta-linked Kuben Moodley and former treasurer Phetolo Ramosebudi. Numerous findings related to them were detailed in the second volume of the State Capture Inquiry report. The findings included that Transnet faced losses of R1.5 billion due to various irregular transactions, News24 reported.
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They are expected back in court on Wednesday 13 July. During an interview with Eyewitness News, NPA Investigating Directorate Spokesperson, Sindisiwe Seboka said they are quite happy with what transpired in court.
SA reacts
Social media users are overjoyed by the arrest and are hoping that if they are found guilty, they are dealt with harshly:
@ismaildollie said:
“Keep these wheels of justice turning. Really gives hope at least in some way that things are turning around.”
@RossVanLeeve wrote:
“It's long overdue.”
@MelokuhleNjalo commented:
“Let the corrupt burn for stealing this country's future… Let them burn.”
@tsholofuleni added:
“The courts must prove themselves NOW!”
Former Transnet CEO will still receive R3m salary despite being fired
In a related matter, Briefly News also reported Siyabonga Gama, the axed Transnet chief executive officer, will still get his massive R3m salary for the next six months, despite not having to spend a minute in an office. In an interview with eNCA, Edward Kieswetter, a Transnet board member, confirmed the ex CEO will still get his paycheck despite being axed.
According to thesouthafrican.com, the troubled state owned entity has been under scrutiny for a while now. The recent annual financials for the entity showed gross irregular spending amounting to R8.1 billion. Transnet is also under scrutiny over its conduct pertaining to a R500 million pension fund. The DA alleges the pension fund was looted under the administration of ex president, Jacob Zuma and axed executive, Brian Molefe.
Source: Briefly News
