Transnet gets order freezing Chinese loco supplier's bank account

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Transnet gets order freezing Chinese loco supplier's bank account

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SIU and Transnet get preservation order freezing R4.2bn in bank accounts
The Special Investigating Unit (SIU) and Transnet have been granted a preservation order to freeze R4.2bn held in bank accounts linked to a locomotive supplier which it believes are the proceeds of unlawful activity. Three tenders were awarded to CRRC E-Loco Supply (CRRC), a Chinese company, between 2011 and 2014 to supply Transnet with locomotives. The SIU said on Tuesday the unit and Transnet had been granted the preservation order by the Special Tribunal to freeze R4.2bn in bank accounts linked to CRRC pending an application for the final forfeiture thereof. The SIU believes the funds are the proceeds of unlawful activity and should be forfeited to the state...
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