By Kaya 959 Reporter
A Gupta-linked businessman has been granted R150 000 bail after he was charged with fraud, theft and money laundering relating to a multi-million Rand investigation.
Kuben Moodley was arrested moments before boarding a plane to Dubai. Moodley appeared in the Palm Ridge Specialised Commercial Crimes Court on Wednesday.
Moodley’s arrest is linked to money laundering of the proceeds from contracts that were allegedly improperly awarded by Transnet to Regiments Capital and Trillian as well as thefts by Regiments Fund Managers from the Transnet Second Defined Benefit Fund.
Spokesperson for the Investigating Directorate, Sindisiwe Seboka, said Moodley stands accused in his personal capacity and as a representative of Albatime Pty Ltd.
He was nabbed for offences involving R307 million between June 2012 and 2017 on several counts of charges of fraud, theft and money laundering.
Seboka said the money laundering charges relate to the proceeds received into two Albatime business bank accounts, from contracts improperly awarded by Transnet to Regiments Capital and Trillian Capital.
The charges also relate to theft by Regiments Fund Managers from the Transnet Second Defined Benefit Fund.
“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 entities controlled by the Gupta family,” Seboka said.
“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 added.
She said Moodley is also accused of using these proceeds to assist members of the Gupta family to acquire Optimum Coal Mine for Tegeta.
“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.
“The court ruled that he should report twice to the Sandton Police Station on Mondays and Fridays between 6am – 6pm and hand over his passport. “