Former Transnet executives' multi-million rand assets frozen
The Special Investigating Unit (SIU) has obtained a preservation order from the Special Tribunal to freeze five luxury properties of former Transnet executives Zakhele Lebelo and Phathutshedzo Mashamba and their wives.
They are prohibited from selling, leasing, donating, or transferring the title of their luxury properties in Rosebank and Dainfern in Johannesburg.
The assets, which are now under the care of a curator order, include pension benefits valued at approximately R1.8 million.
This is pending the final determination of civil proceedings for recovery of damages or losses and discharge of secret profits.
An investigation by the SIU revealed that the acquisition of the properties was allegedly funded by money received from service providers contracted by Transnet.
READ: Five former Transnet executives to appear in court
"The two Transnet executives allegedly received unlawful financial benefits worth approximately R10 million from Transnet service providers Superfecta Trading 209 (Superfecta) and BBDM Bros Advertising Agency (BBDM). The executives allegedly used unlawful financial benefits to acquire luxury properties on behalf of Trusts administered by themselves and their spouses," says SIU spokesperson Kaizer Kganyago.
"Between February 2016 to August 2018, Superfecta earned over R64 million in payments from Transnet as a result of its business with Transnet Property. Pursuant to its lease with Transnet, BBDM paid tenant installation allowances totalling over R73 million from March 2015 to June 2018."
Lebelo who was Transnet Group Executive for Property, resigned in November 2018 pending a disciplinary inquiry.
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