The Special Investigating Unit (SIU) has obtained a preservation order from the Special Tribunal, freezing 17 immovable properties valued at R76.5 million and seven luxury vehicles linked to businessman Siyabonga Nkosi and a network of associated trusts.
The order forms part of ongoing efforts to recover public funds allegedly lost through irregular procurement processes at Eskom’s Kusile and Matla power stations between 2021 and 2023.
According to the SIU, the investigation, authorised under Proclamation R.80 of 2022, uncovered widespread irregularities involving Eskom officials at both facilities. These include the approval of inflated purchase orders for relays, equipment essential to power station operations.
Investigators found that transactions were allegedly split to remain below the R1 million threshold, enabling officials to bypass formal procurement procedures through misuse of the informal tender system.
The SIU further revealed that false part numbers were allegedly entered into Eskom’s systems to limit bidding to selected suppliers, resulting in inflated costs for equipment that was either unnecessary or left unused.
Nkosi is implicated both in his personal capacity and as a trustee of several trusts, which the SIU alleges were used to channel funds from Eskom contracts into property acquisitions and luxury vehicles.
The preservation order enables authorities to secure the assets while legal processes continue to review and potentially set aside the contracts linked to the investigation.
The SIU said any evidence of criminal conduct uncovered will be referred to the National Prosecuting Authority (NPA) for possible prosecution. Civil proceedings may also be pursued to recover financial losses, including payments made for services not rendered.
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