Former Transnet senior executives appear in court

The Investigating Directorate (ID) and the Hawks, on Friday, confirmed the arrest of five former Transnet senior executives at the Brackendowns Police Station. The arrest took place at around 7:00.

Among them is former Transnet Group CEO Siyabonga Gama, former acting group chief financial officer Garry Pita, former group treasurer Phetolo Ramosebudi, Eric Wood, who was the CEO of the infamous Trillian Capital Partners and Gupta-linked fraud accused, Kuben Moodley.

ID confirmed that the accused are appearing before the Palm Ridge Magistrates’ Court, sitting as the Specialised Commercial Crimes Court, in relation to charges of fraud, corruption, money laundering and in contravention of the Public Finance Management Act.

This is a developing story.

Nondumiso Lehutso is a Moneyweb intern.