Johannesburg – The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal, freezing 17 immovable properties worth R76.5 million and seven luxury cars linked to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts.
The order, granted by Judge BM Ngoepe, prevents these assets from being sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds.
The SIU on Tuesday, 21 April 2026, alleged that instead of delivering reliable service, Nkosi’s companies delivered invoices.
“Eskom officials signed off on contracts that priced relays at R50 000 each, when the market price was between R180 and R450,” stated the SIU.
The SIU alleges that this anomaly resulted in a direct financial loss of over R73 million to Eskom.
“False part numbers were uploaded to Eskom’s systems to ensure only colluding vendors could bid, inflating costs for equipment that was never needed and remains unused in stock years later,” the SIU said in a post on X.
Nkosi is cited both personally and as trustee of the Nkosi Royal Trust, Sibongukukhanya Trust, and Siyabonga Kankosi Trust.
The SIU further alleged that these entities became conduits for laundering Eskom’s procurement money into prime properties in top suburbs, estates, and land in Gauteng, KwaZulu‑Natal, and Mpumalanga.
The alleged conduits of money laundering also included a garage of luxury cars such as Lamborghinis, Porsche Cayennes, and a Panamera.
The SIU said this preservation order motivates the crime-fighting entity to move towards approaching the Special Tribunal to review and set aside these contracts.
The order allows for the SIU to launch proceedings within 60 days from the date of the order.
In line with the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), the SIU said it will refer any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority (NPA) for further action.
The SIU is also authorised to initiate civil proceedings in the High Court or a Special Tribunal in its name to correct any wrongdoing uncovered during its investigation and to recover financial losses suffered by the State, including funds paid for services not rendered.
