NPA adds McKinsey to R398m state capture-linked corruption trial

“The former Transnet executives and their co-accused are charged with contravention of the Public Finance Management Act and fraud, while the other accused are charged with fraud, corruption, and money laundering," said ID spokesperson Sindisiwe Seboka.

The group is arraigned on charges stemming from the locomotives transaction advisory tender awarded to the McKinsey-led consortium in 2012, resulting in the procurement of 1,064 locomotives worth more than R54bn. Regiments Capital was allegedly irregularly onboarded and ended up benefitting from the irregular appointment by Transnet in respect of the contract. The contract value and scope for the services required were later escalated to more than R305m.

“This agreement included, among other services, the sourcing of the China Development Bank loan and the club loan, which were in the amount of $2.5bn, on behalf of Transnet . The accused also face charges linked to the R93.4m paid to Trillian Asset Management in 2015.Wood, who applied for relaxation of his bail conditions on September 7, is expected to return to SA on Friday from the UK and Spain.

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