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Labrish
Nyuuz
Former Transnet Executives Arrested for Alleged R93 Million Corruption Linked to Locomotive Deal
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[QUOTE="Munyaradzi Mafaro, post: 47544, member: 636"] Police arrested four former Transnet leaders over corruption charges linked to a massive train deal. Brian Molefe, Siyabonga Gama, Anoj Singh and Thamsanqa Jiyane face accusations of stealing 93 million rand through a company called Trillian Capital. The Palm Ridge court granted each suspect bail worth 50,000 rand on Monday. Both Molefe and Gama serve as parliament members for Jacob Zuma's MK party. Prosecutors claim the four men took money during South Africa's biggest locomotive purchase. The train contract started under President Zuma's government when officials needed over 1,000 new locomotives. Transnet first gave the advisory work to JP Morgan but later switched the deal to Trillian Capital. Court records show Transnet paid Trillian over 93 million rand in December 2015. Three days after the payment, someone moved 74 million rand to different accounts. The Zondo Commission called this money transfer a key step in laundering stolen funds. Justice Zondo's investigation named Molefe as the main person behind Transnet's corruption problems. The commission found that Molefe misled company boards and signed contracts that helped the Gupta family steal money. The locomotive purchase price grew from 38 billion rand to more than 50 billion rand during the project. The National Prosecuting Authority must prove these powerful networks treated state companies like personal banks. Legal experts wonder if the government can recover the billions of rand lost to corruption. [/QUOTE]
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Labrish
Nyuuz
Former Transnet Executives Arrested for Alleged R93 Million Corruption Linked to Locomotive Deal
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