A businessman linked to allegations of money laundering, fraud and theft at Transnet and its pension fund has been granted R150 000 bail in the Palm Ridge Magistrate’s Court.
Kuben Moodley was arrested at the OR Tambo International Airport before he could board a flight to Dubai.
According to the National Prosecuting Authority, Moodley faces offences relating to at least R300 million in fraud, money laundering and theft.
“The money laundering charges relate to the proceeds received in two Albatime business bank accounts, one held at ABSA and the other at the Bank of Baroda, from contracts improperly awarded by Transnet to Regiments Capital and Trillian Capital, as well as theft by Regiments Fund Managers from the Transnet Second Defined Benefit Fund,” the NPA said.
Moodley allegedly allowed more than R100 million to flow through his business (Albatime) bank accounts and received gratification for this.
“The payments relate to a criminal scheme in which Moodley would receive kickbacks of 3% of a R189 million payment that Transnet made to Regiments Capital and a payment of R56 million that Regiment Fund Managers stole from Transnet’s Second Defined Benefit Fund.
“He is charged with allowing Albatime accounts to be used to launder 75% of the R189 million and R56 million through to entities controlled by the Gupta family,” the NPA said.
The NPA said at least R93 million of that money was “laundered” through Gupta company, Tegeta, back to Trillian Asset Management.
“Moodley is also accused of using these proceeds to assist members of the Gupta family to acquire Optimum Coal Mine for Tegeta,” the prosecuting authority said.
He is expected to appear again in court on 28 February 2022 next year. – SAnews