The Special Tribunal has reserved judgment in an application by Transnet and SIU to order former Transnet Capital Projects executive Herbert Msagala and IGS Consulting to pay back more than R20m in profits that he and IGS illegally obtained. Stock photo.The Special Investigating Unit and Transnet said they had made a strong case for the recovery of millions of rand improperly obtained by former Transnet Capital Projects executive Herbert Msagala and engineering company IGS.
SIU, through evidence presented before the tribunal last week and on Thursday, showed that Msagala received millions from IGS, a company which was given questionable tenders by Transnet Capital Projects when Msagala was executive. Paul Kennedy SC, for the SIU and Transnet, said Msagala had filed an affidavit claiming he had received only a R300,000 loan from IGS. Kennedy said Msagala had claimed that the cash in his bank accounts was from a number of businesses, including rental accommodation and selling of livestock.
Govender said of the millions in rand that were cashed from cheques by Msagala from IGS, IGS and Msagala incurred cash-handling fees totalling about R450,000.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EXCLUSIVE: CNA chief Benjamin Trisk fires back at board as cash runs lowThe company is behind in paying landlords and suppliers, while its top shareholder has bailed out
Source: BDliveSA - 🏆 12. / 63 Read more »