The Special Investigating Unit (SIU) has secured a court order to freeze assets worth more than R76 million linked to businessman Siyabonga Nkosi, in connection with alleged corruption involving Eskom.
The frozen assets include 17 properties located in Umhlanga and Zimbali in KwaZulu-Natal, as well as in Gauteng and Mpumalanga. Authorities have also seized a fleet of high-end luxury vehicles.
According to the SIU, its investigation uncovered that between 2021 and 2023, officials at Eskom’s Kusile and Matla power stations approved inflated and irregular purchase orders for relays critical components used to keep power stations operational.
SIU spokesperson Selby Makgotho said the scheme resulted in significant financial losses for the utility.
“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 ranged between R180 and R450. This manipulation resulted in a direct financial loss of R73,650,994.87 to Eskom,” Makgotho said.
Nkosi, acting both in his personal capacity and through multiple trusts, is accused of benefiting from the alleged scheme. Investigators claim the funds were channelled into property investments and luxury vehicles.
He is cited as a trustee of the Nkosi Royal Trust, Sibongukukhanya Trust, and Siyabonga Kankosi Trust, which the SIU alleges were used to launder funds obtained through Eskom’s procurement processes.
“These entities became conduits for laundering Eskom’s procurement money into prime properties in sought-after suburbs, estates, and land across Gauteng, KwaZulu-Natal, and Mpumalanga, as well as into a collection of luxury vehicles, including Lamborghinis, Porsche Cayennes, and a Panamera,” Makgotho added.
The investigation remains ongoing.