Former Transnet executives granted bail in R93m fraud case
Former Transnet CEO Siyabonga Gama and four others have been granted bail following their appearance in a court in Gauteng on fraud and corruption charges involving R93 million.
The others are former Transnet Acting CFO Garry Pita, former Transnet Treasurer Phetolo Ramosebudi, Regiments shareholder Eric Wood, and Trillian Asset Management Director Daniel Roy.
Gama, Pita and Roy have been granted bail of R50 000 each, while Ramosebudi's is R25 000.
Wood's bail has been set at R250 000.
READ: Five former Transnet executives to appear in court
The five were arrested on Friday morning.
They are accused of contravening the Public Finance Management Act and also face a charge of money laundering.
"At the heart of the particular prosecution is the ID basically saying that we are trying to recoup as much and to basically bring to book many of the people we are alleging took part in alleged looting of R93.4 million of Tansnet money for work that had already been done by a different service provider," says Investigating Directorate National Spokesperson Sindisiwe Seboka.
The matter has been postponed to July.
