SIU welcomes arrest of ex-Transnet Group Capital CEO Msagala
Msagala is charged with fraud, corruption, theft, and money laundering, and stands accused of awarding five dodgy contracts valued at R190 million.
Transnet cargo train. Picture: Supplied/Transnet
CAPE TOWN - The Special Investigating Unit (SIU) has welcomed the arrest of former Transnet Group Capital CEO Herbert Msagala.
The former Transnet executive appeared at the Johannesburg Specialised Commercial Crime Court on Monday.
He was granted bail of R60,000, and the case was postponed to 19 November for further investigations.
Msagala is charged with fraud, corruption, theft, and money laundering.
The former Transnet executive is accused of awarding five dodgy contracts valued at R190 million.
It is believed that Msagala received kickbacks worth over R26 million from the deals, which he allegedly used to buy properties and luxury vehicles.
The SIU said it has attached Msagala’s 35 luxury cars and five properties, including two farms and houses in gated estates, valued at over R18 million.