Magistrates’ Court grants bail to former Transnet and Trillian senior execs

Following their arrest on Friday morning.
Former Transnet Group CEO Siyabonga Gama. Image: Moneyweb

Magistrate Brian Nemavhidi has granted the bail applications of five former Transnet and Trillian executives, who were arrested by the Investigating Directorate (ID) and the Hawks at the Brackendowns Police Station on Friday.

The five accused confirmed that they handed themselves over to the police at around 7:00 on Friday, after being informed of the warrants for their arrests on May 25.

Among them is former Transnet Group CEO Siyabonga Gama, former acting group chief financial officer Garry Pita, former group treasurer Phetolo Ramosebudi, Eric Wood, who was the CEO of the infamous Trillian Capital Partners and Daniel Roy, former shareholder of Trillian Capital Partners.

Read: The looting of Eskom, Transnet and SAA by the Gupta media enterprise

They appeared before the Palm Ridge Magistrates Court, sitting as the Specialised Commercial Crimes Court, in relation to charges of fraud, corruption, money laundering and contravention of the Public Finance Management Act.

State prosecutor Thembela Bakamela confirmed the charges were connected to R93.4 million which was paid to Trillian on December 4, 2015.

Wood, who is embroiled in various cases including the Transnet Second Defined Benefit Fund (TSDBF) case, was granted bail of R250 000 with several conditions.

Gama, Roy and Pita were granted bail of R50 000, while Ramosebudi was granted R25 000 bail.

The case has been postponed to July 13, 2022.

Nondumiso Lehutso is a Moneyweb intern.

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Out on bail, but hopefully fitted with 20 kg legirons, to give him that extra handicap when playing golf with Shabir and JZ.

Why are the names of the other two skebenzas not mentioned, Litha Nyhonyha and Niven Pillay of Regiments Capital ???

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