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By: News24Wire
Former Transnet CEO, Siyabonga Gama, who is among the five people accused of R93-million fraud and corruption in a case relating to the procurement of 1 064 locomotives by the State-owned freight rail company, was released on R50 000 bail following his arrest on Friday. Gama is facing charges alongside other former Transnet top executives, acting chief financial officer, Garry Pita, ex-group treasurer Phetolo Ramosebudi, Regiments' Eric Wood, and Trillian Asset Management director Daniel Roy. The charges are contravention of the Public Finance Management Act, fraud, corruption and money laundering. The claims of overpayment and corruption in Transnet's locomotives contracts featured in the State Capture Commission, with a number of the firm's former executives and board members giving evidence relating to the controversial procurement. Gama is the first high-profile former head of a state-owned entity to be criminally charged on claims of corruption. Spokesperson for the National Prosecuting Authority's Investigating Directorate, Sindisiwe Seboka, said that more arrests were expected in the matter. →
