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Gupta-linked Kuben Moodley granted R150 000 bail

Businessman Kuben Moodley, who is linked to the Transnet and Regiments Capital corruption saga, was on Wednesday granted R150 000 bail at the Palm Ridge Specialised Commercial Crimes Court.

The spokesperson of the Investigating Directorate (ID) Sindisiwe Seboka said the matter was postponed to 28 February 2022.

“Moodley stands accused in his personal capacity and as a representative of Albatime Pty Ltd for offences involving R307 million between June 2012 and 2017 on several counts of charges of fraud, theft and money laundering.  The court ruled that he should report twice to the Sandton Police Station on Mondays and Fridays between 06:00 – 18:00 and hand over his passport,” Seboka said.

The money laundering charges relate to the proceeds received into two Albatime business bank accounts, one held at ABSA and the other at the Bank of Baroda, from contracts improperly awarded by Transnet to Regiments Capital and Trillian Capital, as well as theft by Regiments Fund Managers from the Transnet Second Defined Benefit Fund, Seboka said.

“The Investigating Directorate alleges that the payments relate to a criminal scheme in which Moodley would receive kickbacks of 3% on a R189 million payment that Transnet made to Regiments Capital and a payment of R56 million which Regiments Fund Managers stole from the Transnet Second Defined Benefit Fund. He is charged with allowing Albatime accounts to be used to launder 75% of the R189 million and R56 million through to entities controlled by the Gupta family. This arrangement was then transferred to Trillian when the Regiments directors parted ways and Albatime laundered through to the Gupta Company, Tegeta, 80% of a Transnet payment of R93.4 million made to Trillian Asset Management,” Seboka said.

Furthermore, Moodley is accused of using these proceeds to assist members of the Gupta family to acquire  Optimum Coal Mine for Tegeta.

Last night, the ID, working with members of the South African Police Service (SAPS), arrested Moodley as he was boarding an international flight to Dubai at 7pm in the evening.

ALSO READ: Middleman in Transnet, Gupta-linked Regiments Capital and Trillian corruption arrested at OR Tambo

“The ID has already obtained a restraint order over Moodley and Albatime’s assets to the value of R232 million in June 2020 and the Johannesburg High Court confirmed the final restraint order on 28 November 2020. A case of contempt of the restraint order is still pending against Moodley.”

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