Transnet fraud and corruption case involving former CEOs postponed

Transnet’s fraud and corruption case involving nearly R400 million, has been postponed by the Palm Ridge specialized commercial crimes court.

The accused include ex-CEOs Brian Molefe and Siyabonga Gama, former CFOs Anoj Singh and Garry Pita, and Gupta-linked Regiments Capital shareholder Eric Wood and others.

They’re facing various charges linked to the procurement of 1,064 locomotives in 2015. The court has however, granted Wood permission to travel to Europe.

The National Prosecuting Authority says it has complied with all requirements, by providing the court with the charge sheet. It says one of the accused in the matter has requested further exhibits, and it will comply with the request on the 21st of June. The NPA also says it did not object to a bail application relaxation.

“There’s been a bail application relaxation, further relaxation rather for one of the accused Mr Eric Wood who requested his passport for two travels one between April – May, and the second being between December and January of this year where he also has been granted his passport today by the investigating directorate immediately after court adjourned. We had no objection to the matter because we do not deem him a flight risk,” says Sindisiwe Seboka, NPA Investigative Directorate Spokesperson.

In this case, the State says Gupta-linked Regiments Capital where Wood was a shareholder, was irregularly on boarded and the costs later ballooned to more than R305 million.

The accused have also been charged in connection with R93 million that was paid to Trillian Asset Management, another Gupta-linked entity in 2015. The case has been postponed to the 29th of June this year.