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Former Transnet CEO Siyabonga Gama arrested


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Former Transnet CEO Siyabonga Gama arrested

Former Transnet CEO Siyabonga Gama
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Former Transnet CEO Siyabonga Gama

27th May 2022

By: News24Wire


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Five former Transnet officials have been arrested by the Hawks and the National Prosecuting Authority's Investigating Directorate on Friday morning on charges of fraud, corruption and money laundering.

News24 has established that two of the five include former Transnet CEO Siyabonga Gama and Eric Wood from the Gupta-linked companies Regiments Capital and Trillian Capital Partners. 


The five are expected to appear in the Palm Ridge Magistrate's Court following their arrest at the Brackendowns Police Station.

They are also charged with contravention of the Public Finance Management Act. 


In the second volume of the State Capture Inquiry report, commission chair Chief Justice Raymond Zondo recommended the prosecution of Gama, Wood, former Transnet CEO Brian Molefe, CFO Anoj Singh, Gupta fixer Kuben Moodley and former Transnet treasurer Phetolo Ramosebudi for numerous findings. 

These include R79.2-million Transnet paid to Regiments on 30 April 2014, R93.48-million paid to Trillian on 4 December 2015, a Range Rover Sport which was purchased for Ramosebudi in exchange for Trillian being appointed to replace JP Morgan as the lead arranger of a R12-billion club loan, for which Trillian was paid R93.4-million.

One of the findings was that Transnet suffered R1.5-billion in losses as a result of various transactions recommended by Regiments for which it was paid a total of R229-million in fees between 2015 and 2019.


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