A former Transnet executive must pay back R26 million he used to buy six properties worth R15.2m in eight months and 36 cars in just over a year through the proceeds of unlawful activities. transnet payback money
Johannesburg - A former Transnet executive must pay back R26 million he used to buy six properties worth R15.2m in eight months and 36 cars in just over a year through the proceeds of unlawful activities.
Special Tribunal Judge Lebogang Modiba detailed the extent of the crimes Msagala, his trusts, Sithole and his company are accused of committing following an investigation by the SIU. Msagala settled the balance of the purchase price, conveyancing and transfer costs for the Steyn City property without any loan financing in the form of six ATM transfers in the amount of R999 999.99.
According to Judge Modiba, Msagala acquired 36 cars between February 2016 and January 2017, and these were owned by the Msagala family trust. She found that Bonolo was 17 when she allegedly purchased these properties while her Capitec bank account never received deposits in excess of R4 000 and there was never a balance in excess of that amount.
Judge Modiba further added: “Justice would not be served by holding Bonolo personally liable for the losses Transnet has proved to have incurred. Therefore, no order is made against Bonolo”.The properties and cars have been forfeited to the state.
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