In a victory for Transnet, the luxury properties purchased by two of the company’s former and current senior managers, using kickbacks and bribes from sullied contracts, have been frozen and are now controlled by a curator. Working with the Special Investigating Unit, Transnet plans to recove.
The SIU Tribunal has ordered that assets belonging to former Transnet executives Thabo Lebelo and Phathutshedzo Mashamba, their wives and family trusts be frozen.
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A new offer has been made to purchase the airline. 00:01
This is Fly Modern Arkâs second bid â in 2020 it offered R100m, with an additional R400m to recapitalise the airline and pay its creditors. Image: Tod Burns
Embattled state-owned airline SA Express is only worth R1, according to aviation company Fly Modern Ark.
The company, headed by businessman Theunis Crous, has tabled a fresh offer to buy SA Express, which is currently in provisional liquidation.
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