Special Investigative Unit.
JOHANNESBURG – Multimillion-rand properties and a fleet of luxury cars linked to Siyabonga Nkosi and his network of trusts have been frozen.
This comes as the Special Investigating Unit (SIU) tightens its grip on Eskom officials from Kusile and Matla Power Stations who allegedly fed off the procurement system.
Assets, including 17 immovable properties worth R76.5-million, were placed under preservation order by the Special Tribunal.
The frozen properties stretch across three provinces.
READ | SIU seeks autonomy to bust luxury lifestyles
Gauteng accounted for six properties, including the most expensive, a R13.5 million penthouse at The Capital on the Park.
In KwaZulu-Natal, four properties were preserved with the top-value exceeding R12 million in the affluent Zimbali South.
Meanwhile, in Mpumalanga, there were seven properties, the highest valued at R780 000.
Preserved vehicles included:
- 2022 Moonlight Blue Porsche Cayenne GTS
- 2024 Chromite Black Cayenne Turbo GT Coupe
- 2019 Jet Black Metallic Panamera GTS
- 2020 Jet Black Macan S
- 2022 Graphite Capsule Lamborghini Urus
- Lamborghini Pearl Capsule Urus
- 2021 Porshe Crayon Cayenne GTS Coupe
According to SIU, between 2021 and 2023, officials approved inflated and irregular purchase orders for relays, which are equipment meant to keep power stations running.
“Instead of delivering reliable service, Nkosi’s companies delivered invoices. Eskom officials signed off on contracts that priced relays at R50,000 each, when the market price was between R180 and R450,” the SIU revealed.
This manipulation is said to have resulted in a direct financial loss of more than R73,6 million to Eskom.
Investigations also found that officials split purchase orders to keep transactions below the R1 million threshold, resulting in abusing the informal tendering system and bypassing formal procurement processes.
“False part numbers were uploaded to Eskom’s systems to ensure only colluding vendors could bid, inflating costs for equipment that was never needed and remains unused in stock years later,” SIU added.
Nkosi was cited as a trustee of the Nkosi Royal Trust, Sibongukukhanya Trust, and Siyabonga Kankosi Trust.
According to the SIU, these entities became channels for laundering Eskom’s procurement money into prime properties in top suburbs, estates and land and into a garage of luxury cars.
READ | SA sold one permit at a time | New SIU report deepens Home Affairs corruption probe
The order, according to the SIU, prevents these assets from being sold, transferred, or hidden while the unit seeks to set aside irregular contracts and recover public funds.
The order also allows for the SIU to launch proceedings within sixty days from the date of the order.