Former Transnet executives granted R50 000 bail each for fraud and corruption
This comes after they handed themselves over at a police station south of Johannesburg this morning.
The court heard that in 2012, Transnet advertised a tender for the acquisition of the 1064 locomotives deal.
The executives were then linked with an irregular payment of R93.4m to Trillian Asset management for organising a R30 billion loan to help buy the locomotives.
It is alleged that a double payment was issued because Transnet had already paid another transaction advisory firm - Regiments.
Trillian allegedly did nothing to earn the fee but invoiced Transnet.
Investigating Directorate Against Corruption (IDAC) spokesperson Henry Mamothame tells Drum that the accused are facing 18 charges including fraud, corruption, contravention of the public finance management act and the contravention of the company's act.
Read more | Former Transnet executives, Siyabonga Gama & Brian Molefe, arrested over R93 million locomotive tender fraud
'These charges relate to the acquisition of three contracts for locomotives in Transnet for the period of 2011 to 2014. When Transnet took a decision to expand and modernise it's services, there was a need for these contracts or tenders. Bidders had to be called but the state will prove in court that processes were flouted hence the accused appeared in court today.'
Transnet has another ongoing case at the Gauteng High Court relating to the awarding of irregular amounts but Mamothame explains that they are dealing with complex matters emanating from the State capture.
He says they could not link this matter to the ongoing case because in their holistic approach as IDAC they approach cases differently depending on the facts of the matters.
'Yes the ongoing case also involves locomotives but in this case we have three different contracts.'
Mamothame says they initially wanted the accused persons to pay R200 000 bail each because of the seriousness of their charges.
'The amount of money involved in this matter is a lot and the charges are of a serious nature which could lead to a serious conviction at a later stage.
The matter was postponed to the 6th of October for final investigations to be concluded.
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