TimesLIVE reports that the Johannesburg Specialised Commercial Crimes Court on Monday released former Transnet Group Capital (TGC) CEO Herbert Msagala on bail of R60,000 after his first appearance on charges of fraud, corruption, theft and money laundering.
A National Prosecuting Authority spokesperson indicated: “The case stems from investigations conducted by the Special Investigating Unit into irregularities of five contracts worth over R160m that were awarded to IGS Consulting Engineering firm by TGC between May and August 2015 for the maintenance and upgrading of the high pressured pipe infrastructure that transported different fuel products from Durban to Gauteng.” The state alleges Msagala unduly benefited from IGS kickbacks worth more than R26m that he allegedly used to purchase various properties and vehicles. Msagala has been charged together with IGS and two other people who have yet to appear in court because their whereabouts are unknown. The case was postponed until 19 November for the Hawks to trace the two suspects. In August 2021, the Special Tribunal ordered Msagala to pay back R26.4m after he was found guilty of disgorgement of secret profits while employed by TGC.
- Read the original of the short report in the above regard by Ernest Mabuza at TimesLIVE
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