Latest news with #R93m
The Citizen
8 hours ago
- Business
- The Citizen
Gauteng businessman jailed for R66 million Transnet fraud
Yakub Ahmed Suleman Bhikhu evaded arrest for 6 years until he was apprehended. A Gauteng businessman has been jailed for an effective five years in connection with R66 million Transnet fraud. Yakub Ahmed Suleman Bhikhu and his company, Homix (Pty), appeared in the Pretoria Regional Court on Friday, where the sentence was handed down. Conviction Bhikhu and Homix were convicted on 81 counts, which include fraud, forgery, uttering, money laundering, and contravention of the Tax Administration Act. The National Prosecuting Authority's (NPA) Investigative Directorate Against Corruption (IDAC) spokesperson, Hent Mamothame, said Bhikhu pleaded guilty to all charges levelled against him and his company. 'He was sentenced to 10 years' direct imprisonment, of which five years were suspended for five years, effectively compelling him to serve five years in prison. He was further ordered to reimburse an amount of R300 000 to Transnet, which he received as gratification'. ALSO READ: Transnet executives Molefe, Gama and two others granted bail [VIDEO] Homix Mamothema said Bhikhu's company was sentenced to a fine of R500 000, which was suspended on condition that it does not commit a similar offence. 'This conviction is as a result of the commissioning of the 81 offences by Bhiku and his company during the period 2012 and 2015, valued at approximately R66 million, which was a loss to Transnet'. State capture According to the IDAC, Bhikhu opened accounts at various banks and forex entities on behalf of Homix, where he was the sole director at the time. Payments stemming from Transnet were then deposited into these accounts and distributed to various individuals and entities by using fraudulent paperwork to facilitate illicit imports and exports. In the process, the South African Revenue Service (SARS), the South African Reserve Bank (SARB), and various private entities and banks were defrauded to allow the export of currency, which was proven to be illegal. Arrest Mamothame said Bhikhu was informed of the matter against him in about 2017. 'He then evaded arrest for 6 years until he was apprehended on the border whilst trying to enter Botswana. He has been in custody since his arrest and conviction.' 'The NPA's IDAC welcomes the conviction and the direct imprisonment, coming from evidence that was presented in the State Capture Commission and further investigated by IDAC and its stakeholders in the law enforcement fraternity,' Mamothame said. Mamothame added that this collaborative effort lays the basis for the efforts put in place to 'crack the complex state capture cases and other fraud and corruption cases that IDAC is responsible for.' ALSO READ: Brian Molefe, Siyabonga Gama arrested for R93m Transnet corruption
TimesLIVE
4 days ago
- Business
- TimesLIVE
City Power targets Joburg business properties with R10.2bn debt
City Power has targeted non-paying business properties in Johannesburg that owe the electricity provider R10.2bn. City Power spokesperson, Isaac Mangena told TimesLIVE that the revenue collection will not only assist the department but also assist the community to get service delivery and improved infrastructure. A debt-collection drive was led on Wednesday by acting mayor Jack Sekwaila. The drive, which included City Power and Johannesburg Water, focused business properties and residential properties in Marshalltown. 'In Marshalltown alone we are owed R93m which makes it R10bn owed across the city,' he said. Mangena said they plan to recover debt to ensure they are able to sustain service delivery to residents . 'We cannot continue to sustain the city when property owners and businesses fail to meet us halfway,' he said. He added that businesses who generate profit should pay for the services they are using. 'Some buildings are taken over and others we are unable to identify their owners and it leads to an impact on City Power because such properties will connect to the network illegally leading to overloading of electricity,' Mangena said. Region F is the highest debtor region with R244m debt. The debt collection is aimed at revenue recovery and ensuring the municipality's financial sustainability. 'Marshaltown has 70 accounts with R93m debt, Fordsburg has 93 accounts with R65m debt and Doornfontein has 56 accounts with R86m debt. All of these accounts have been prioritised for disconnection this week to recover the money', Sekwaila said. Sekwaila added that the collection would be handled in two phases through to December. 'Phase 1 will end by July and phase 2 starts in August. This brings residents time to comply with us and urgently make arrangements to pay their accounts,' he added. A manager of a building providing student accommodation, Collen Sibiya, was shocked to discover that the property owes R2.4m for electricity. Sibiya said he was not aware of the amount and it would be an inconvenience for the students who live in the building. ' . 'According to the documents I have, our account is in order and we do pay on time. I am just surprised that we were supposed to pay for the previous owner's account.'
The Citizen
30-06-2025
- Business
- The Citizen
Former Transnet top executives granted bail in R93m tender fraud case
Two MK Party MPs, Brian Molefe and Siyabonga Gama, both of whom are former Transnet executives, were granted R50 000 bail each by the Palm Ridge Magistrate Court earlier today (June 30). The pair is facing fraud and corruption charges related to Transnet's R54b locomotive tenders. Molefe, Gama, former Transnet CFO Anoj Singh and the parastatal's former engineering chief executive Thamsanqa Jiyane appeared at the court following their arrest this morning. Also rea: Former Transnet top executives Brian Molefe and Siyabonga Gama arrested While the value of the entire Transnet locomotive procurement deals was R54b, the four former Transnet executives were being charged in relation to part of the tenders, which, according to the Hawks, were worth R93m. It was the second time the two MK Party MPs, who were Transnet top executives between 2011 and 2019, were being arrested. In 2022, the two former Transnet executives were arrested in connection with part of the parastatal's same R54b locomotive procurement, which involved a Gupta-linked company called Trillian Capital. According to evidence before the Palm Ridge Commercial Crimes Court, Trillian Capital was awarded contracts irregularly at different phases during the procurement process without participating in open bids. Molefe, who was Transnet CEO from February 2011 to April 2015, was succeeded by Gama, who was previously the CEO of Transnet subsidiary Transnet Freight Rail. Also read: R18,8b Transnet recovery loan approved In 2018, the Transnet board commissioned a forensic investigation into the R54b locomotive tenders. The law firm appointed by the board, Mncedisi Ndlovu Sedumeni, found that the payments which Trillian received from Transnet were irregular. Molefe and Gama were also implicated in the Zondo Commission which investigated state capture and corruption. In its report, the commission recommended that Molefe and Game should face a criminal investigation. Meanwhile, the MK Party urged the courts to ensure that Molefe and Gama received a fair trial. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
30-06-2025
- Business
- The Citizen
Transnet executives Molefe, Gama and two others granted bail
The four men are facing charges of fraud, corruption and contravention of the Public Finance Management Act and Companies Act. Former Transnet CFO Anoj Singh, Transnet executives, Brian Molefe and Siyabonga Gama and top engineer, Thamsanqa Jiyane. Picture: NPA Four former Transnet executives have been granted bail of R50 000 each. Transnet executives, Brian Molefe and Siyabonga Gama, the company's former CFO, Anoj Singh, and top engineer, Thamsanqa Jiyane, appeared in the Specialised Commercial Crimes Court at Palm Ridge Magistrate's Court in Ekurhuleni on Monday. Molefe and Gama were arrested after surrendering to police on Monday morning. Singh and Jiyane were also handcuffed on the same day. The four men are facing charges of fraud, corruption and contravention of the Public Finance Management Act and Companies Act. *This is a developing story. ALSO READ: Brian Molefe, Siyabonga Gama arrested for R93m Transnet corruption
IOL News
12-06-2025
- Business
- IOL News
Southern Palladium secures A$8m to fast-track Bengwenyama mine development
Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa. Image: AFP Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa. The company issued 16 million new shares at A$0.50 apiece, matching its last closing price on June 6 and representing a 10.5% premium to its 10-day volume-weighted average price (VWAP). No options were attached to the placement. One of the company's largest shareholders provided A$4.6m as a cornerstone investment, with the remainder backed by new and existing institutional investors. Southern Palladium said the funds would support the next phase of its Definitive Feasibility Study (DFS) and staged mine development at Bengwenyama, following recent environmental approval for a Mining Right. "This strategic placement provides the group with targeted funding support at an important juncture as we execute on the transition of Bengwenyama, a tier-one PGM project globally, towards staged mine development,' executive chairman Roger Baxter said in a statement. "In particular, we are pleased to have attracted such strong support from our existing institutional investors, led by a cornerstone investment from one of our largest shareholders, while also attracting new institutional investment - marking a vote of confidence for both the quality of the resource and our stated development strategy for the Bengwenyama PGM project" The company plans to publish an optimised Pre-Feasibility Study (PFS) shortly, incorporating a two-stage development strategy aimed at reducing initial capital costs. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Baxter said the placement would give the company a strong cash runway as it progresses towards early-stage mine development at what he described as 'one of the last premier greenfield PGM opportunities in the Bushveld Complex.' Shares issued under the placement will rank equally with existing shares and be listed on the Australian Securities Exchange. The placement was conducted within the company's existing issuance capacity under ASX Listing Rules 7.1 and 7.1A. BUSINESS REPORT Visit:
