The fraud, corruption and money laundering case against five accused – including former Transnet Group Chief Executive, Siyabonga Gama – in relation to corruption at Transnet has been postponed to August in the Palm Ridge Specialised Crimes Court

The Palm Ridge Specialized Crimes Court has continued the trial in the fraud, corruption, and money laundering case against five defendants, including former Transnet Group Chief Executive Siyabonga Gama, to August.

The lawsuit involves R93 million in corruption that occurred when at least 1 064 locomotives were purchased.

Additionally, they are accused of breaking the Public Finance Management Act (PFMA).

Gama, Garry Pita, a former Transnet Acting Group Chief Financial Officer, Phetolo Ramosebudi, a former Group Treasurer, Eric Wood, a shareholder in Regiments, Daniel Roy, a current Director of Trillian Asset Management (Novum Asset Management), and Kuben Moodley, the owner of Albatime Pty Ltd., are the defendants in this case.

Sindisiwe Seboka, the spokesperson for the National Prosecuting Authority Investigating Directorate (NPA ID), explained the case’s connection to Transnet’s 2012 Request for a Proposal for “transaction advisory services to secure funding for $2.5 billion to fund the acquisition” of the locomotives after their arrest in May.

“Transnet hired JP Morgan for consultancy services in May 2015.

The same Transnet employees began aiding the termination of the JP Morgan contract in July 2015 and continued through October 2015. In response to this cancellation, they appointed Trillian in October 2015.

“Through [Trillian Director] Roy, Trillian issued an invoice for R93.4 million.

Pita and Gama gave their approval for the invoice, and on December 3rd, Trillian’s account received the payment.

Three days later, R74 million was mysteriously paid to Kuben Moodley’s Albatime company.

“Before that, Transnet paid Regiments for the alleged same services in June 2015 for R189 million,” Seboka added.