TRANSNET EX GROUP CEO AND OTHER SENIOR EXECUTIVES IN COURT ON R93 MILLION DOUBLE INVOICE CORRUPTION MATTER
27 MAY 2022
The Palm Ridge Specialised Crimes Court granted bail to former Group Chief Executive of Transnet Siyabonga Gama, former Acting Group Chief Financial Officer Garry Pita, former Group Treasurer Phetolo Ramosebudi, Regiments shareholder Eric Wood, Trillian Asset Management current Director Daniel Roy (Novum Asset Management).
Gama, Pita and Roy have been grated bail of R50 000 each while Wood has been granted R250 000 bail and Ramosebudi, R25 000.
The accused stand accused of contravention of the PFMA, fraud, corruption and money laundering.
In 2012 Transnet went on a Request for Proposal tender to get transaction advisory services to secure funding for $2.5 billion (equivalent of R30 billion at the time) to fund the acquisition of the 1064 locomotives deal.