The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal to freeze 17 properties worth R76.5 million and seven luxury vehicles linked to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts.
The order, granted by Judge BM Ngoepe, prevents the assets from being sold or transferred while the SIU moves to recover funds allegedly lost through irregular contracts at Eskom.
Investigations authorised under Proclamation R.80 of 2022 revealed that between 2021 and 2023, Eskom officials at Kusile and Matla power stations approved inflated procurement deals for relays—equipment used in power station operations. The SIU found prices were pushed to about R50,000 per unit, far above market rates of between R180 and R450, resulting in losses of more than R73.6 million.
Officials allegedly bypassed procurement rules by splitting orders to remain below the R1 million threshold and manipulating systems to favour certain suppliers. Many of the items purchased were reportedly unnecessary and remain unused.
Nkosi, acting personally and through several trusts, is accused of channeling proceeds into high-value properties across multiple provinces and luxury vehicles, including brands such as Lamborghini and Porsche.
The SIU is expected to seek to have the contracts set aside and has 60 days to institute proceedings. Any evidence of criminal conduct will be referred to the National Prosecuting Authority for further action.
