BUSINESSMAN LINKED TO TRANSNET AND REGIMENTS CAPITAL- CORRUPTION SAGA KUBEN MOODLEY GRANTED R150 000 BAIL

Earlier today the Palm Ridge Specialised Commercial Crimes Court granted businessman Kuben Moodley bail of R150 000 and the matter was postponed to 28 February 2022.

Moodley stands accused in his personal capacity and as a representative of Albatime Pty Ltd for offences involving R307 million between June 2012 and 2017 on several counts of charges of fraud, theft and money laundering. The court ruled that he should reports twice to the Sandton Police Station on Mondays and Fridays between 06:00 - 18:00 and hand over his passport.

The money laundering charges relate to the proceeds received into two Albatime business bank accounts, one held at ABSA and the other at the Bank of Baroda, from contracts improperly awarded by Transnet to Regiments Capital and Trillian Capital, as well as theft by Regiments Fund Managers from the Transnet Second Defined Benefit Fund.

The Investigating Directorate alleges that the payments relate to a criminal scheme in which Moodley would receive kickbacks of 3% on a R189 million payment that Transnet made to Regiments Capital and a payment of R56 million which Regiments Fund Managers stole from the Transnet Second Defined Benefit Fund. He is charged with allowing Albatime accounts to be used to launder 75% of the R189 million and R56 million through to entities controlled by the Gupta family. This arrangement was then transferred to Trillian when the Regiments directors parted ways and Albatime laundered through to the Gupta Company, Tegeta, 80% of a Transnet payment of R93.4 million made to Trillian Asset Management.

Moodley is also accused of using these proceeds to assist members of the Gupta family to acquire Optimum Coal Mine for Tegeta.

Last night the Investigating Directorate (ID), working with members of the South African Police Service (SAPS) seconded to the ID, arrested Moodley as he was boarding an international flight to Dubai at 7pm in the evening.

The ID has already obtained a restraint order over Moodley and Albatime’s assets to the value of R232 million in June 2020 and the Johannesburg High Court confirmed the final restraint order on 28 November 2020. A case of contempt of the restraint order is still pending against Moodley.

Statement issued by Sindisiwe Seboka, Investigating Directorate Spokesperson, 30 September 2021