JOHANNESBURG – The Special Investigations Unit (SIU) has announced that it has obtained a preservation order from a special tribunal ordering the preservation of two multi-million rand properties linked to former Passenger Rail Authority of South Africa (PRASA) group chief executive Tshepo Lucky Montana.
The order prohibits the state of Montana from selling, transferring, leasing, encumbering, or engaging in any other transaction with real property pending a final determination of the SIU's civil case.
Assets saved include:
Purchased property in Hurlingham, Johannesburg for R13.5 million; Purchased property in Waterkloof, Pretoria for R2.25 million.
The court further directed the Registrar of Deeds to approve title deeds with caveats to prevent fraudulent transactions in respect of real estate.
The preservation order follows an SIU investigation that found a direct and uninterrupted financial trail linking the acquisition of both properties to proceeds allegedly obtained in connection with PRASA's R5.6 billion Integrated Security Access Management Systems (ISAMS) contract awarded to Siyangena Technologies (Pty) Ltd, a subsidiary of TMM Holdings.
Hurlingham property
The SIU investigation also established that the Hurlingham property was acquired through a series of related transactions involving Precise Trade and Invest, Midtownbrace (Pty) Ltd (a company incorporated in Botswana) and TMM Holdings.
The SIU said the evidence showed that: On 23 March 2015, Precise Trade and Invest Ltd transferred R2 million to the transfer solicitor's trust account. On 23 April 2015, Siangena transferred R13 million to TMM Holdings after receiving a large contract payment from PRASA. on the same day.
Midtown Brace then transferred R11.5 million to a conveyancing solicitor, enabling him to purchase the Hurlingham property, registered in the name of the State of Montana, for R13.5 million in July 2015.
A house on the property was demolished by the state of Montana.
The court then directed the defendant to appear in court on August 11, 2026 to show why the interim restraining order should not be made final.
The court also ordered that the main lawsuit against the state of Montana must begin within 30 days of the order.
The SIU is investigating PRASA under Decree R.153 of 2024, which authorizes the investigation of allegations of maladministration and corruption in relation to PRASA's affairs from January 1, 2010 to February 16, 2024.
The SIU welcomed the court's order and said it considers the decision an important step to protect assets pending the completion of civil rehabilitation proceedings.
The SIU said it remains committed to recovering the economic losses suffered by the country and holding those responsible to account.
