SIU Freezes Siyabonga Nkosi's Assets

The South Africa — Special Investigating Unit (SIU) has secured a preservation order to freeze R76.5 million in assets, including 17 properties and seven luxury vehicles, linked to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts. This action stems from an investigation into alleged corruption at Eskom's Kusile Power Station and Matla Power Station, where officials reportedly approved inflated and irregular purchase orders for relays between 2021 and 2023. The SIU found that relays, with a market price of R180-R450, were purchased for R50,000 each, resulting in a direct financial loss of R73.65 million to Eskom. The scheme involved splitting purchase orders to bypass formal procurement processes and uploading false part numbers to restrict bidding to colluding vendors. The proceeds were allegedly laundered through Nkosi's trusts to acquire properties in Gauteng, KwaZulu-Natal, and Mpumalanga, as well as luxury vehicles. The South Africa — Special Investigating Unit will now initiate proceedings to set aside the irregular contracts and will refer evidence of criminal conduct to the South Africa — National Prosecuting Authority for potential prosecution.