A Johannesburg property worth R13,5 million and a Pretoria property valued at R2,25 million have been frozen by the Special Tribunal after investigators uncovered a money trail allegedly linking the properties to a former Prasa chief executive and a controversial R5,6 billion contract.
Preservation order secures Montana’s properties
The Special Investigating Unit (SIU) secured a preservation order from the Special Tribunal ordering the preservation of two multi-million-rand properties linked to former Passenger Rail Agency of South Africa (Prasa) Group Chief Executive Officer, Tshepo Lucky Montana.
The order prohibits Montana from selling, transferring, leasing, encumbering or otherwise dealing with the properties pending the final determination of SIU’s civil proceedings.
Preserved assets comprise a property in Hurlingham in Johannesburg purchased at R13,5 million, and a property in Waterkloof in Pretoria purchased at R2,25 million, stated Selby Makgotho, SIU spokesperson, in a media statement on 26 July.
The Tribunal further directed the Registrar of Deeds to endorse the title deeds with caveats to prevent any unauthorised transactions involving the properties.
Investigation uncovers money trail
This preservation order follows an SIU investigation which uncovered a direct and uninterrupted money trail linking the acquisition of both properties to proceeds allegedly derived from association with Prasa’s R5,6 billion Integrated Security Access Management System (Isams) contract awarded to Siyangena Technologies (Pty) Ltd, a subsidiary of TMM Holdings.
This contract involved the installation, supply and maintenance of Isams at various train stations, part of a pilot project aimed at upgrading specific stations for the 2010 Fifa World Cup to reduce fare evasion and to cater for the anticipated volumes of commuters during the tournament.
The equipment included public address systems, access gates and electronic display boards to enhance the safety, accessibility and efficiency of the public rail commuter system, which Prasa is legally obligated to provide and maintain.
Due to budget constraints, not all stations were upgraded. However, a decision was made to proceed with the pilot project to extend to other remaining “World Cup 2010” stations, with Siyangena as the contractor.
On 1 April 2011, Prasa awarded the first Isams contract to Siyangena, amounting to R1,959,642,352.99 for “Phase 1”. Four contracts, including extensions, were concluded between Prasa and Siyangena over the years regarding the Isams.
By April 2016, the total value of Siyangena’s Isams contracts had reached R5,632,604,592.36. The SIU’s investigation found that Montana’s legitimate income could not account for the purchase of either property now subjected to a preservation order.
Instead, bank records showed that the funds were directly connected to payments made by companies within the TMM group and Precise Trade and Invest 02 (Pty) Ltd.
The Director of Precise Trade and Invest was also the lawyer representing the TMM group of companies.
Waterkloof Property
The SIU investigation found that Precise Trade and Invest’s bank records show that on 18 June 2014, the company received two payments, including R1,85 million from ESS (Pty) Ltd, which is part of the TMM group of companies, and R4 million from TMM Holdings.
Precise Trade and Invest then transferred R2,25 million to a Waterkloof property transferring attorneys. The Waterkloof property was subsequently purchased and transferred into Montana’s name in 2014.
Hurlingham Property
The SIU investigation also established that the Hurlingham property was acquired through a series of linked transactions involving Precise Trade and Invest, Midtownbrace (Pty) Ltd (a company incorporated in Botswana) and TMM Holdings.
Evidence shows that:
- on 23 March 2015, Precise Trade and Invest transferred R2 million to the transferring attorneys’ trust account;
- on 23 April 2015, Siyangena transferred R13 million to TMM Holdings after receiving substantial contract payments from Prasa;
- on the same day, TMM Holdings transferred R12 million to Midtownbrace, whose account previously reflected a zero balance; and
- Midtownbrace then transferred R11,5 million to the transferring attorneys, enabling the purchase of the Hurlingham property, which was registered in Montana’s name in July 2015 for R13,5 million. The house that was on the property was demolished by Montana.
Tribunal directions and next steps
The Tribunal has since directed the respondents to appear on 11 August 2026 to show why the interim preservation order should not be made final. The Tribunal also ordered that the main proceedings against Montana must be instituted within 30 days of the order.
Also, SIU is investigating Prasa in terms of Proclamation R.153 of 2024, which authorises investigations into allegations of maladministration and corruption relating to Prasa’s affairs between 1 January 2010 and 16 February 2024.
SIU’s commitment to recovery
The SIU welcomes the Tribunal order and regards the decision as an important step in safeguarding assets pending the finalisation of civil recovery proceedings. The Unit remains committed to recovering financial losses suffered by the State, holding those responsible accountable and protecting public resources from corruption.
Under the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU is empowered to institute civil proceedings in the High Court or Special Tribunal to recover financial losses and set aside unlawful contracts and transactions arising from its investigations.
Any evidence of criminal conduct uncovered during the investigation is referred to the National Prosecuting Authority (NPA) for consideration and further action.
ALSO READ: Asset forfeiture unit seizes R326 million from Thembisa hospital corruption syndicate
