The news regarding the arrest of Siyabonga Gama, Chief Executive Officer of Transnet Freight Rail Limited, is surfing on the internet. Let’s find out the truth.
Siyabonga is the Group Chief Executive of Transnet SOC Ltd, the state-owned freight transport and logistics company in South Africa.
He is in charge of driving the Market Demand Strategy, the company’s near-R400 billion infrastructure investment program.
Gama was also the first CEO of the National Ports Authority following its separation from Portnet, among other roles at Transnet.
Siyabonga is a seasoned, well-respected executive who is widely regarded as South Africa’s leading expert in railway and port operations.
Gama holds a Bachelor of Commerce degree, in addition to various operational and management programs from the University of Singapore and the City University of New York.
What Happened To Siyabonga Gama?
Former Transnet CEO Siyabonga Gama is one of five people arrested in connection with numerous allegations of violating the Public Finance Management Act, fraud, corruption, and money laundering.
Last year, Gama told the Commission of Inquiry into State Capture that his disciplinary charges at the freight rail agency in 2009 were a ploy to prevent him from succeeding Maria Ramos as GCEO.
Gama was responding to claims made by evidence leader advocate Anton Myburgh that his reinstatement as CEO in April 2011 was politically motivated and orchestrated by former President Jacob Zuma.
Siyabonga Gama: Money Laundering and Fraud Charges
Siyabonga Gama and other people who were arrested are also accused of violating the Public Finance Management Act.
Continuing their arrest at the Brackendowns Police Station, the five are expected to appear in the Palm Ridge Magistrate’s Court.
Sindisiwe Seboka, a spokesperson for the Investigating Directorate, said the five would appear in court this morning.
For numerous findings, commission chair Chief Justice Raymond Zondo recommended the prosecution of Gama and others in the second volume of the State Capture Inquiry report.
What Was Siyabonga Gama Arrested For?
Siyabonga Gama was accused of violating the Public Finance Management Act, as well as of fraud, corruption, and money laundering. The arrest happened around 7 a.m. today at the Brackendowns Police Station.
Two of the five, according to News24, are former Transnet CEO Siyabonga Gama and Eric Wood, of Gupta-linked companies Regiments Capital and Trillian Capital Partners.