By Lehlohonolo Lehana.
The Special Investigating Unit (SIU) has frozen R76.5 million in properties and luxury vehicles linked to businessman Siyabonga Moses Goodwill and his affiliated trusts.
SIU obtained the preservation order which covers 17 properties and seven luxury vehicles and it forms part of efforts to recover public funds lost through irregular procurement.
It was granted by Special Tribunal Judge BM Ngoepe, who ordered that the assets be frozen while the legal processes are ongoing.
The SIU investigation into Eskom revealed how officials at Kusile and Matla Power Stations “turned procurement into a jackpot”.
“Between 2021 and 2023, officials approved inflated and irregular purchase orders for relays, which are equipment meant to keep power stations running.”
“Instead of delivering reliable service, Nkosi’s companies delivered invoices. Eskom officials signed off on contracts that priced relays at R50 000 each, when the market price was between R180 and R450. This manipulation resulted in a direct financial loss of R73 650 994.87 to Eskom,” the SIU explained.
Furthermore, officials at Eskom split the purchase orders in order to keep the transactions below the R1 million threshold and effectively “abusing the informal tendering system and bypassing formal procurement processes”.
“False part numbers were uploaded to Eskom’s systems to ensure only colluding vendors could bid, inflating costs for equipment that was never needed and remains unused in stock years later,” the SIU added.
According to the SIU, Nkosi used the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust – which he was trustee of – as conduits for laundering the stolen money and pouring it into prime properties in Gauteng, KwaZulu‑Natal and Mpumalanga.
The money was also used to purchase luxury vehicles, including Lamborghinis, Porsche Cayennes and a Porsche Panamera.
“This preservation order motivates the SIU to move towards approaching the Special Tribunal to review and set aside these contracts. The order allows for the SIU to launch proceedings within 60 days from the date of the order.”
“In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU will refer any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority for further action.”
The SIU is also authorised to initiate civil proceedings in the High Court or a Special Tribunal in its name to correct any wrongdoing uncovered during its investigation and to recover financial losses suffered by the State.