Businessman Siyabonga Moses Goodwill Nkosi is linked to the matter both personally and as a trustee of several trusts, including the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust.
Image: SIU/IOL Graphics
The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal, freezing 17 immovable properties worth R76.5 million and seven luxury cars linked to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts.
It forms part of efforts to recover public funds allegedly lost through irregular procurement at Eskom’s Kusile and Matla power stations between 2021 and 2023.
According to the SIU, its investigation — authorised under Proclamation R.80 of 2022 — uncovered widespread procurement irregularities involving Eskom officials at the two power stations.
The SIU said officials approved inflated and irregular purchase orders for relays, equipment used to keep power stations operational. It further found that purchase orders were deliberately split to keep transactions below the R1 million threshold, allowing officials to bypass formal procurement processes through the abuse of the informal tender system.
The unit also revealed that false part numbers were allegedly loaded onto Eskom’s systems to ensure that only colluding suppliers could bid. This, it said, inflated costs for equipment that was not required and remains unused.
Nkosi is linked to the matter both personally and as a trustee of several trusts, including the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust. The SIU alleges these trusts were used to channel funds from Eskom contracts into properties and luxury vehicles.
The preservation order allows the SIU to secure the assets while it seeks to have the implicated contracts reviewed and set aside by the Special Tribunal.
The order, granted by Judge BM Ngoepe, prevents these assets from being sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds.
Image: SIU
The order, granted by Judge BM Ngoepe, prevents these assets from being sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds.
Image: SIU
The order, granted by Judge BM Ngoepe, prevents these assets from being sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds.
Image: SIU
The order, granted by Judge BM Ngoepe, prevents these assets from being sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds.
Image: SIU
The SIU said any evidence of criminal conduct uncovered during the investigation will be referred to the National Prosecuting Authority for possible prosecution. It may also institute civil proceedings to recover financial losses suffered by the State, including payments made for services not rendered.
IOL