The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal, freezing 17 immovable properties worth R76.5 million and 7 luxury cars linked to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts.
The order, granted by Judge BM Ngoepe, prevents these assets from being sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds.
The SIU investigation, authorised under Proclamation R.80 of 2022, uncovered how Eskom officials at Kusile and Matla Power Stations turned procurement into a jackpot. Between 2021 and 2023, officials approved inflated and irregular purchase orders for relays, which are equipment meant to keep power stations running.
Instead of delivering reliable service, Nkosi’s companies delivered invoices. Eskom officials signed off on contracts that priced relays at R50,000 each, when the market price was between R180 and R450. This manipulation resulted in a direct financial loss of R73,650,994.87 to Eskom.
Eskom officials further split purchase orders to keep transactions below the R1 million threshold, abusing the informal tendering system and bypassing formal procurement processes. 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.
Siyabonga Nkosi’s role
Nkosi is cited both personally and as trustee of the Nkosi Royal Trust, Sibongukukhanya Trust, and Siyabonga Kankosi Trust. These entities became conduits for laundering Eskom’s procurement money into prime properties in top suburbs, estates and land in Gauteng, KwaZulu‑Natal, and Mpumalanga, and into a garage of luxury cars such as Lamborghinis, Porsche Cayennes, and a Panamera.
This preservation order motivates the SIU to move towards approaching the Special Tribunal to review and set aside these contracts. The order allows for the SIU to launch proceedings within sixty days from the date of the order.
In line with the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), the SIU will refer any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority (NPA) for further action.
The SIU is also authorised to initiate civil proceedings in the High Court or a Special Tribunal in its name to correct any wrongdoing uncovered during its investigation and to recover financial losses suffered by the State, including funds paid for services not rendered.
Enquiries:
Selby Makgotho
Spokesperson: Special Investigating Unit
Cell: 083 718 6128
Email: SIUMedia@siu.org.za