Court freezes R76.5m in assets from businessman accused of Eskom relay fraud

Siyabonga Nkosi allegedly charged the utility R50,000 for relays with a market price of R180 to R450 each.

The Special Tribunal has granted a preservation order freezing 17 properties and seven luxury vehicles belonging to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts, with a combined value of R76.5 million². The assets are linked to an alleged procurement fraud scheme at Eskom's Kusile and Matla power stations¹².

The Special Investigating Unit (SIU) uncovered that between 2021 and 2023, Eskom officials allegedly approved inflated purchase orders for relay equipment critical to grid stability¹². Relays with a market price of between R180 and R450 each were invoiced at R50,000 per unit, representing a mark-up exceeding 11,000%¹⁴. The manipulation resulted in a direct financial loss of R73.6 million to Eskom¹.

According to the SIU, Eskom officials allegedly split purchase orders to keep transactions below the R1 million threshold, exploiting informal tendering systems and bypassing formal procurement processes¹. False part numbers were uploaded to ensure only colluding vendors could bid¹. The SIU said costs were inflated for equipment that was never needed and remains unused in stock years later¹.

Between 2021 and 2023, Nkosi acquired 10 luxury properties across three provinces valued at approximately R50 million, including houses in Zimbali, KwaZulu-Natal, and land in Mpumalanga³⁴. He also purchased five supercars during the same period, including two Lamborghini Urus vehicles³⁴. The frozen assets include a Porsche Macan and a Porsche Panamera GTS, along with seven houses purchased before the alleged fraud began³⁴.

Instead of delivering reliable service, Nkosi's companies delivered invoices, said SIU spokesperson Selby Makgotho¹⁴.

The preservation order, granted by Judge BM Ngoepe, prevents the assets from being sold or hidden while the SIU pursues permanent recovery of the funds². Nkosi's wife Leleti had shared images on social media of their lifestyle, including luxury vehicles, cattle, designer items, and trips to France, Greece, the United States, Mauritius, and Egypt³. She has since deleted some posts displaying their wealth³.