Businessman Kuben Moodley appeared before the Palm Ridge Specialised Commercial Crimes Court on Wednesday, 29 September, after his arrest by the members of the Investigating Directorate (ID) and South African Police Service (SAPS) at O.R. Tambo International on Tuesday evening.
Moodley is accused of fraud, theft and money laundering in his personal capacity and as a representative of a company. He was granted bail of R150 000 by the court and the matter was postponed to 28 February 2022.
The court ruled that Moodley would have to hand over his passport and report to Sandton Police Station twice a week – on Mondays and Fridays – for the next five months as part of his R150 000 bail agreement, according to the National Prosecuting Authority (NPA).
The businessman is accused of the offences in his own capacity and as a representative of Albatime Pty Ltd. It is said that between June 2012 and 2017, Moodley was involved with several counts of fraud, theft and money laundering worth R307 million.
“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,” said ID spokesperson Sindisiwe Seboka.
According to the ID, the payments into the accounts allegedly relate to a criminal scheme that would see Moodley receive kickbacks worth 3 percent of an R189 million payment that Transnet made to Regiments Capital and a payment of R56 million that was stolen by Regiment Fund Managers from Transnet’s 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,” said Seboka.
When the Regiment directors split up, the alleged scheme was passed on to Trillian. Moodley allegedly allowed Albatime to launder 80 percent of a R93.4 million Transnet payment made to Trillian Asset Management through to a Gupta-owned company, Tegeta.
“Moodley is also accused of using these proceeds to assist members of the Gupta family to acquire Optimum Coal Mine for Tegeta,” said Seboka.
Moodley was arrested by the ID and SAPS at 19:00 on Tuesday as he was boarding an international flight to Dubai from O.R. Tambo. Seboka said a restraint order over the businessman’s and Albatime’s assets, which are worth R232 million, was obtained in June 2020.
The Johannesburg High Court confirmed the final restraint order on 28 November and a case of contempt of the restraint order is pending against Moodley.