The wages of “sin” is not bread after all. At least, that’s what’s playing in the lives of former Transnet executives.
Millions of rand in assets belonging to former Transnet executives Thabo Lebelo and Phatutshedzo Mashamba and their families have been frozen by the Special Tribunal sitting in Johannesburg. The two executives reportedly collected suppliers’ bribes in exchange for lucrative contracts.
The tribunal had secured the order to freeze the funds in collaboration with the Special Investigating Unit (SIU) on Monday, August 8.
With this ruling, the two former executives are summarily barred from selling, leasing, renting, donating or transferring the assets, which are now under the control of a curator.
Founded in April 1990 in the dying days of racial segregation, Transnet is a South African behemoth operating in the rail, port and pipeline industries. It was originally formed as a limited company but has since evolved.
Thabo Lebelo and Phatutshedzo Mashambaare expected to challenge the seizure of the assets. However, they were yet to do so at the time of writing. It will be interesting to see what direction the case will take if – and when – the former executives challenge freezing their assets. Stay tuned for updates if you please.