The Special Investigating Unit (SIU) has achieved significant success in recovering funds illicitly taken from Eskom, securing a preservation order to freeze R76.5m in real estate and a fleet of luxury cars linked to businessman Siyabonga Moses Goodwill Nkosi.
The logo of state power utility Eskom is seen outside Cape Town's Koeberg nuclear power plant. Image credit: Reuters
The order prevents the assets from being “sold, transferred, or hidden while the SIU seeks to set aside irregular contracts and recover public funds”.
Angela van der Berg 10 Mar 2026 Abusing the system
An SIU investigation into Eskom – as authorised by President Cyril Ramaphosa – revealed how officials at the power utility’s Kusile and Matla Power Stations allegedly “turned procurement into a jackpot”.
“Between 2021 and 2023, officials approved inflated and irregular purchase orders for relays, which are equipment meant to keep power stations running.
“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. This manipulation resulted in a direct financial loss of R73,650,994.87 to Eskom,” the SIU explained.
Furthermore, officials at Eskom allegedly split purchase orders to keep transactions below the R1m threshold, effectively “abusing the informal tendering system and bypassing formal procurement processes”.
“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 added.
Luxury purchases
According to the SIU, Nkosi used the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust, of which he was a trustee, allegedly as conduits for laundering the stolen money and pouring it into prime properties in Gauteng, KwaZulu‑Natal and Mpumalanga.
The money was also alleged to have been used to purchase luxury vehicles, including Lamborghinis, Porsche Cayennes and a Porsche Panamera.
“This preservation order motivates the SIU to move towards approaching the Special Tribunal to review and set aside these contracts. The order allows the SIU to launch proceedings within 60 days of the order date.
“In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU will refer any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority 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,” the SIU said.
