The Investigating Directorate (ID), which is part of the Office of the NDPP, was awarded a restraint order worth R232 million against Kubentheran “Kuben” Moodley and his company Albatime by the South Gauteng High Court.
The High Court on Monday ruled on an urgent application brought on 10 June 2020 by the ID to compel Moodley to hand over his assets, according to a statement issued by the ID.
The R232 million is the amount the ID alleges Moodley and his company received as kickbacks from the Regiments Group of Companies relating to contracts that were improperly awarded by Transnet and by the Transnet Second Defined Benefit Fund (TSDBF).
According to an amaBhungane investigation, Moodley introduced the chief executive of Regiments Capital, which was then an up-and-coming black-owned financial and advisory group, to businessman Salim Essa in 2012.
Following this, Essa opened doors at Transnet and other state-owned entities, where Regiments landed deals worth roughly R1 billion.
amaBhungane reported for simply making the introduction, Regiments agreed to pay Moodley’s company, Albatime, up to 5% of every Essa-orchestrated deal.
“Moodley is barred from using or disposing of assets held in and outside South Africa,” The IS statement read.
“Moodley is expected to surrender the property in terms of section 26 of the Prevention of Organised Crime Act 121 of 1998.”
ID head Advocate Hermione Cronje, who brought the application, contended that Moodley’s assets form part of a criminal investigation linked to Regiments Capital advisory services to Transnet, according to the statement.
“We argued that the longer the assets are within Moodley’s control, it brings an incentive for anyone to want to dissipate them.”
According to an earlier affidavit by Cronje, all Moodley did to score his millions was “introduce” Gupta-linked Regiments Capital to Transnet and McKinsey.
“Judge Shanaaz Mia ordered that Moodley must comply with the order. “This order shall be executed under the supervision of the Curator Bonis. Representatives of the applicant may accompany the Curator Bonis in order to represent the applicants’ interest in the execution of this order.”
“The assets will be held by curator Mike Stewarts of Bombani Liquidators and Trustees, appointed by the Master of the High Court in Johannesburg.
“Moodley must surrender all realisable property as defined in section 12 and 14 of POCA and extends to:
- Property specified as that of the defendants.
- All other property held by the defendants at the time of granting of the order whether in their respective names or not.
- Any property held by a legal representative on behalf of any of the defendants or in a trust.
- As well as all property realisable transferred to a third party on behalf of the defendant at the time after the granting of this order.”
“Disobedience to this order is a criminal offence in terms of section 75(2) of the Prevention of Organised Crime Act 121 of 1998, which is punishable by a fine or imprisonment for a period not exceeding 15 years,’’ Judge Mia added.
(Compiled by Carina Koen)