South African businessman married to Instagram influencer to lose 17 houses, seven cars over alleged R76.5m fraud

The South African’s Special Investigation Unit (SIU) has obtained a preservation order from the Special Tribunal to freeze assets worth around R76.5 million linked to a popular businessman Siyabonga Moses Goodwill Nkosi and associated trusts, as part of an ongoing investigation into alleged corruption at Eskom, the country-owned power utility. 

Nkosi is married to Instagram influencer Leleti Nkosi, who is known for her luxurious lifestyle. 

The order covers 17 properties and seven luxury vehicles and forms part of efforts to recover public funds allegedly lost through irregular procurement at the utility’s Kusile and Matla power stations between 2021 and 2023.

It was granted by Special Tribunal Judge BM Ngoepe, who ordered that the assets be frozen while the legal process continues.

“The SIU investigation, authorised under Proclamation R.80 of 2022, uncovered how Eskom officials at Kusile and Matla Power Stations 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,” the SIU said.

“Eskom officials further split purchase orders to keep transactions below the R1 million threshold, abusing the informal tendering system and bypassing formal procurement processes.”

The SIU also revealed that “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”.

According to the SIU, Nkosi is linked to the matter both personally and as a trustee of several trusts, including the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust.

The unit alleges the trusts were used to channel funds from Eskom contracts into properties and luxury vehicles.

The SIU said the order allows it to secure the assets while it moves to have the contracts reviewed and set aside by the Special Tribunal.

In line with the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), the SIU 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.”