Everything You Need To Know About Siyabonga Nkosi’s Frozen Assets
The money looted from the South African system every month is alarming. If these funds were used for what they were budgeted for, they would have greatly improved the lives of everyday South Africans.
One means corrupt individuals use to plunder wealth from the system is the tender system. Just recently, Siyabonga Nkosi has been implicated in a scandal, with allegations that he stole an estimated R73.6 million.
How did he allegedly do it?
Siyabonga Nkosi, a businessman with registered companies including his involvement in the Nkosi Royal Trust, Sibongukukhanya Trust, and Siyabonga Kankosi Trust, is cited personally and as a trustee of these three trusts, which the SIU alleges were “conduits for laundering Eskom’s procurement money.” His companies had secured tenders with Eskom.
The transactions, mostly conducted between 2021 and 2023 in collaboration with some corrupt Eskom officials at the Kusile and Matla power stations, allegedly saw procurement processes manipulated to benefit Nkosi’s companies.
Relay equipment that was supposed to cost between R180 and R450 was allegedly inflated far beyond market value to R50,000 per unit. Through these inflated purchases, Nkosi’s companies are said to have pocketed the excess profits, which accumulated to about R73.6 million over time.
To evade oversight systems, Nkosi and the Eskom officials allegedly bypassed procurement rules by splitting purchase orders to keep transactions below the R1 million threshold, thereby abusing the informal tendering system. They also allegedly used false part numbers to ensure only colluding vendors could bid.
“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,” — SIU spokesperson Selby Makgotho.
Asset freeze
As part of the clampdown on corruption in South Africa and as the Special Investigating Unit (SIU) intensifies its investigations, Siyabonga Nkosi’s tenders were flagged and he was subsequently implicated in corrupt practices. Following his exposure, 17 properties, seven luxury vehicles, and other assets were frozen to prevent them from being sold, transferred, or hidden.
Location of properties
The frozen properties are located in:
- Gauteng, KwaZulu-Natal, and Mpumalanga (17 properties in total)
- Seven luxury vehicles, including Lamborghinis and Porsche models (Cayennes and a Panamera)
Involvement with wife
Siyabonga Nkosi is married to Leleti Nkosi, a 26-year-old social media influencer.
It has been alleged that Nkosi purchased several properties in her name, including a farm with 100 Bonsmara cattle.
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