SIU Freezes Eskom Contractor Assets Including Luxury Cars And R76.5 Million Property Portfolio

Corruption investigators have secured a court order freezing a multimillion-rand property portfolio and a fleet of luxury vehicles linked to an Eskom service provider accused of exploiting procurement systems.

SIU Secures Court Order to Freeze Assets

The Special Investigating Unit (SIU) obtained a preservation order from the Special Tribunal targeting businessman Siyabonga Moses Goodwill Nkosi and several associated family trusts.

The order, granted by Judge Bernard Ngoepe, freezes 17 properties valued at R76.5 million and seven high-end vehicles. The ruling prevents any sale, transfer or disposal of these assets while investigations continue.

The SIU probe was authorised under Proclamation R.80 of 2022 and focuses on alleged procurement irregularities at Eskom’s Kusile and Matla power stations between 2021 and 2023.

How the Alleged Eskom Procurement Scheme Worked

According to the SIU, Eskom officials manipulated procurement processes to approve inflated purchase orders for electrical relays — essential components used in power station operations.

“Eskom officials at Kusile and Matla power stations turned procurement into a jackpot,” the SIU said.

YOU MAY ALSO LIKE: Fannie Masemola Tender Case Postponed To May Amid R360 Million Investigation

Investigators allege that relays were billed at around R50,000 each, despite market prices ranging between R180 and R450.

To bypass controls, officials allegedly split orders into amounts below R1 million, allowing them to use less stringent procurement processes and avoid formal tender requirements.

The SIU said the system was further manipulated through the use of false part numbers uploaded onto Eskom’s internal systems.

“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,” the SIU said.

The alleged scheme resulted in losses to Eskom amounting to R73,650,994.87.

Properties Across Provinces Linked to Trusts

Nkosi is implicated both personally and as a trustee of three entities: the Nkosi Royal Trust, the Sibongukukhanya Trust and the Siyabonga Kankosi Trust.

Investigators say these trusts were used to channel funds obtained through Eskom contracts into high-value assets across multiple provinces.

The frozen properties include locations in Gauteng, KwaZulu-Natal and Mpumalanga. Among them are a penthouse at The Capital on the Park valued at R13.5 million, properties in estates such as Serengeti and Helderwyk, as well as homes in Zimbali and other coastal developments.

Seven farm portions in Mpumalanga also form part of the preservation order.

The court order also covers seven luxury vehicles, including multiple Porsche models and two Lamborghini Urus vehicles.

These include a 2024 Cayenne Turbo GT Coupe, a 2022 Cayenne GTS, a Panamera GTS, a Macan S, and high-end Lamborghini models.

The SIU says the preservation order is aimed at preventing the dissipation of assets while it pursues recovery of funds allegedly lost through the scheme.

Next Steps as SIU Prepares Further Legal Action

The Special Investigating Unit confirmed that the preservation order opens the door to further legal action.

The unit said it intends to approach the Special Tribunal to have the irregular contracts reviewed and set aside, and that it has 60 days from the date of the order to launch those proceedings.

YOU MAY ALSO LIKE: Emmarentia Road Rage Suspect Walks Free As NPA Declines To Prosecute

“This preservation order motivates the SIU to move towards approaching the Special Tribunal to review and set aside these contracts,” the unit said.

In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU said it will refer any evidence of criminal conduct to the National Prosecuting Authority for further action.

The unit added that it is also empowered to initiate civil proceedings in the High Court or the Special Tribunal in its own name to recover financial losses suffered by the state, including funds paid for services that were never rendered.