The Special Investigating Unit (SIU) has secured a preservation order against a portfolio of luxury properties and high-end vehicles linked to businessman Siyabonga Nkosi, as part of an ongoing probe into alleged procurement irregularities at Eskom.
The order, granted by the Special Tribunal, covers 17 properties located across Mpumalanga, Gauteng and KwaZulu-Natal, along with seven luxury vehicles, including Porsche and Lamborghini models.
Among the assets are high-value homes in Tshwane and Witfontein, as well as several properties in Zimbali, KwaZulu-Natal. The properties were acquired between 2016 and 2023 and are registered under Nkosi’s name and associated trusts.
Under the tribunal’s ruling, the properties and vehicles cannot be sold, transferred, leased or otherwise disposed of without authorisation. A formal notice has also been placed on the vehicle registration system to prevent any change of ownership without approval.
Nkosi and related parties have been instructed to disclose the location of the vehicles and ensure they remain insured at their full replacement value while legal proceedings continue.
The SIU is seeking to review and set aside contracts linked to the procurement of relays at Kusile and Matla power stations between 2021 and 2023, arguing that the agreements were irregular and should be declared invalid.
Investigators allege that Nkosi’s companies inflated prices significantly, billing Eskom up to R50,000 per unit for equipment valued at a fraction of that cost. The alleged manipulation is said to have resulted in losses exceeding R73 million for the power utility.
The preservation order forms part of broader efforts to recover public funds and hold those implicated in procurement irregularities accountable.
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