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The two former Transnet executives were implicated in potentially unlawful contracts back in August 2022.
Picture: Getty Images
Two former Transnet executives will be forced to repay millions following a settlement agreement secured by the Special Investigating Unit (SIU).
The two men will forfeit their pension funds and luxury properties in Dainfern and Rosebank, while a third settlement secured against a contractor brings the financial losses recovered to a combined R31 million.
The SIU does not engage in criminal prosecutions but refers evidence to the National Prosecuting Authority, where the body deems it necessary.
Over R20 million owed by contractor
The Special Tribunal ruled last week that former Group Executive for Transnet Property Thabo Lebelo and Transnet Regional Manager for Coastal Region Phathutshedzo Mashamba must pay back a combined R10 million.
The remainder of the amount recovered by the SIU will be repaid by Dynamic Power Engineering (DPE), who received contracts tied to the Carlton Centre precinct under the name Superfecta Trading 209.
ALSO READ: SIU freezes Transnet exec’s luxury properties and pension benefits
Lebelo and Mashamba were accused of unlawfully benefitting from “bribes and secret profits” from contracts to install generators and provide electrical and mechanical maintenance.
“DPE agreed to repay Transnet R21.4 million in net profits and legal costs as part of the settlement, with payments structured over three months,” the SIU said on Tuesday.
The SIU stated in August 2022 that between February 2016 to August 2018, Superfecta earned over R64 million in payments from Transnet due to its business with Transnet Property.
Preservation order against properties
Lebelo’s debt will be recovered by selling three properties in Rosebank valued between R3.8 million and R4.2 million, as well as his pension benefits.
Mashamba’s debt will be recouped from selling his Dainfern property, valued at R6 million. Any outstanding balance left after deducting his pension will be paid in equal instalments.
The SIU obtained a preservation order against the properties in August 2022, claiming they were purchased using unlawful gains.
“These settlement agreements continue the implementation of the SIU investigation outcomes and consequence management to recover assets and financial losses suffered by State institutions,” the SIU concluded.
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