High court grants order stopping Gupta-linked businessman from dispersing assets worth R232m

28 November 2020 - 09:47
By belinda pheto AND Belinda Pheto
Kuben Moodley with former president Jacob Zuma (file image).
Image: Anesh Debiky/Gallo Images Kuben Moodley with former president Jacob Zuma (file image).

The National Prosecuting Authority’s Investigative Directorate has obtained a restraint order against Gupta-linked businessman Kubentheran Moodley preventing him from dissipating assets worth R232m.

The high court in Johannesburg granted the final restraint order against Kubentheran Moodley and his company Albatime (Pty) Ltd on Friday.

Spokesperson for the directorate Sindi Thwala said the order means Moodley and his company are forbidden from handling and/or dissipating the R232m property.

Judge Bashier Valley said the initial provisional restraint order of June 10 was upheld.

According to Thwala, the assets in question include three safety deposit boxes valued at an estimate R8m, which another court was notified had already been dissipated by Moodley.

Investigating Directorate head Adv Hermione Cronje has continuously contended that Moodley’s’ assets form part of looting involving Regiments Capital Advisory, McKinsey Incorporated, which involves the Transnet 1,064 locomotive deal.

“We have told the court that this preservation order is a piece of a bigger syndicate, were a state-owned entity was looted by the improper transaction advise, which resulted in billions being lost. We welcome this ruling, however we are well aware that the battle is far from won,” Cronje said.

Thwala said Moodleys’ assets will continue to be held by a curator appointed by the court.