The case of former Transnet executives postponed

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The case of several former Transnet executives that the National Prosecuting Authority (NPA) arrested on Monday morning has been postponed to August 20 in the Palmridge Specialised Crime Court in Johannesburg.

The NPA says the case relates to a locomotive deal that ballooned from over R38 billion to over R54 billion.

The Commission of Inquiry into State Capture had found that the Gupta brothers had allegedly received about R6 billion in kickbacks.

The accused appeared alongside former Transnet CEO Siyabonga Gama, former Chief Financial Officer Garry Pita, the former Group Treasurer Phetolo Ramosebudi, Regiments Capital shareholder Eric Wood and his employee Daniel Roy and owner of Albatime, Kuben Moodley.

VIDEO: Former Transnet executives appear in court:

Attached assets

Earlier this month, Transnet said it has managed to attach assets to the value of R26 million which belonged to its former employees implicated in wrongdoing.

The company said most of these workers have either since resigned or were dismissed. The freight rail utility was briefing Parliament on progress made regarding internal investigations of misconduct by Transnet employees.

Head of the Legal Service Unit, Sandra Coetzee, said all 17 investigations that were conducted together with the Special Investigating Unit have since been completed.

“The assets available to be monetized is R26 million. The process of monetizing those assets relates to the disposal be that being in the form of an auction or some other form of a sale to recover the money itself. We have already recovered financial over 14 million of 26 million in asset value. This is an ongoing process in collaboration with the SIU.”

VIDEO: Former Transnet executives arrested for fraud, corruption: