Former Transnet executive ordered to forfeit assets

The Special Tribunal has ordered that assets in the Free State and Gauteng, belonging to former Transnet Capital Projects executive, Herbert Msagala, be forfeited to the state.

The state is looking to recoup some R18 million worth of assets it believes were the proceeds of criminal activities.

Tribunal spokesperson, Advocate Selby Makgatho, says Msagala allegedly engaged in corrupt activities between 2015 and 2016, while he was a senior executive at Transnet Capital Projects.

“It is alleged in the papers before the Special Tribunal that during his tenure as Transnet Executive, Mr Msagala took part in unlawful activities which will be traversed in the ensuing action proceedings.

“The preserved assets include several bank accounts held in his name and those of his trusts, vehicles, farms, and other properties in both Gauteng and the Free State provinces.”

The Special Tribunal also ruled that Transnet’s pension fund should not pay out to Msagala.

“The order must be extended until the conclusion of the action proceedings instituted against Msalaga in the Special Tribunal.”

According to TimesLive, the order of July 30 froze the assets belonging to Msagala and his investment trust and family trust, and movable and immovable properties under curatorship. These include more than 30 vehicles, bank accounts, two farms in the Free State, and a plot in Dainfern, Gauteng.

Msagala has also been ordered to pay costs.

OFM News