The Special Investigating Unit (SIU) has obtained a preservation order from the Special Tribunal to freeze two high-value properties linked to former Passenger Rail Agency of South Africa (PRASA) Group Chief Executive Officer Tshepo Lucky Montana. The order forms part of the SIU’s investigation into the controversial R5.6 billion Integrated Security Access Management System (ISAMS) contract.
The ruling prevents Montana from selling, transferring, leasing, mortgaging or otherwise disposing of the properties until civil recovery proceedings have been concluded. The Tribunal also instructed the Registrar of Deeds to place caveats over both properties to block any unauthorised transactions.
The assets include a luxury home in Hurlingham, Johannesburg, purchased for R13.5 million, and a property in Waterkloof, Pretoria, acquired for R2.25 million.
SIU PRASA Investigation Traces Funds To Frozen Properties
The SIU PRASA investigation found what investigators described as a “direct and uninterrupted money trail” linking the purchase of the properties to funds allegedly connected to PRASA’s ISAMS contract awarded to Siyangena Technologies, a subsidiary of TMM Holdings.
The ISAMS project was introduced ahead of the 2010 FIFA World Cup to improve security at selected railway stations through electronic access gates, public address systems and digital display boards. Although financial constraints initially limited the rollout, PRASA later expanded the project.
On 1 April 2011, Siyangena secured the first phase of the contract, valued at almost R2 billion. By April 2016, four contracts and subsequent extensions awarded to the company had increased the total value of the project to more than R5.6 billion.
According to the SIU, Montana’s declared income could not explain how the two properties were acquired.
“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,” the unit said.
Investigators traced payments through companies linked to the TMM Group and Precise Trade and Invest 02 (Pty) Ltd, whose director also acted as legal representative for the TMM Group.
Tshepo Lucky Montana Properties Linked To Financial Transactions
The Tshepo Lucky Montana properties featured prominently in the SIU’s financial analysis. Investigators allege the Waterkloof property was purchased after Precise Trade and Invest received R1.85 million from ESS (Pty) Ltd, a company linked to TMM, and a further R4 million from TMM Holdings on 18 June 2014.
The SIU said the company then transferred R2.25 million to attorneys responsible for the property transfer, allowing the Pretoria property to be registered in Montana’s name.
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The Hurlingham property was allegedly acquired through a more complex chain of transactions involving Precise Trade and Invest, Botswana-based Midtownbrace (Pty) Ltd and TMM Holdings.
Evidence presented to the Tribunal indicated that after Siyangena received significant payments from PRASA, R13 million was transferred to TMM Holdings. The company then transferred R12 million to Midtownbrace, which paid R11.5 million to attorneys handling the purchase of the Hurlingham property before it was registered in Montana’s name in July 2015.
PRASA Corruption Probe Heads Back To Special Tribunal
The PRASA corruption investigation will return to the Special Tribunal on 11 August 2026, when Montana and the remaining respondents are expected to explain why the interim preservation order should not be made final. The Tribunal has also directed the SIU to institute the main civil recovery proceedings within 30 days.
The investigation forms part of a broader SIU probe launched under Proclamation R.153 of 2024, covering allegations of maladministration, corruption and unlawful conduct at PRASA between January 2010 and February 2024.
Welcoming the ruling, the SIU said the order marked a significant step in protecting assets while civil proceedings continue.
“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 said.
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“The Unit remains committed to recovering financial losses suffered by the State, holding those responsible accountable, and protecting public resources from corruption.”
The SIU added that while it is authorised to pursue civil recovery and seek the setting aside of unlawful contracts under the Special Investigating Units and Special Tribunals Act, any evidence suggesting criminal conduct is referred to the National Prosecuting Authority for further consideration and possible prosecution.
